As the 2024 Mining Indaba closes, we are thrilled to recognise that a true global shift has taken place – a convergence of the economic and value interests between public and private sector players in the global mining and energy eco-systems.
During the opening ceremony, the President of the Republic of Zambia, H.E Hakainde Hichilema, addressed the future of mining in Zambia. President Hichilema outlined the ambitious plans to expand copper production, positioning the country as a significant player in the global mining industry. President Hichilema conveyed a compelling message, stating, “This year, Zambia comes to you with a new message: ‘Invest with confidence and power the future’. We reiterate our government’s commitment to making Zambia a reliable investment partner of choice on the African continent.”
Hichilema said that as per the commitment made during the 2022 Mining Indaba, Zambia has made substantial progress in resolving legacy issues. “We express our gratitude to International Resources Holding and Vedanta Resources, for the combined $2.3 billion investment they have committed to providing, in order to fulfill the potential of Zambia”.
President Hichilema reiterated the substantial investments from various mining companies in his speech. Notable contributions include First Quantum Minerals’ $100 million investment in the Enterprise Nickel Mine, establishing it as Africa’s largest nickel producer; Moxico Resources commenced production at the Mimbula Mining Project; Kobold Metals progress in defining the orebody at the Mingomba Project with a $150 million investment; Barrick Gold Corporation $2 billion pledge to expand the LumwanaMine and China Non-Ferrous Mining Corporation $1.3 billioncommitment for various operations in Zambia.
On the sidelines of the Mining Indaba, Invest Africa organisedinsightful sessions as part of their 11th Annual Mining Series and was delighted to welcome Zambia’s Minster of Finance H.E Situmbeko Musokotwane and the Minister of Mines H.E Paul Kabuswe.
The first day of the series was dynamic, featuring discussions on key themes influencing the future of African mining. Karen Taylor, Chair of Invest Africa welcomed H.E. Situmbeko Musokotwane to the high-level meeting of investors and business leaders. She said:“Zambia is a strategic investment destination for international investors and we welcome efforts the Zambian government has been making to improve the country’s economic and investment environment”. The Minister was positive in his message to the audience and reiterated the progress the government was making in reducing debt levels. This sentiment was set against the backdrop of the copper discovery this month. He further shared insights, discussing efforts to drive investment into Zambia’s mining sector, as well as the country’s vision and role in the global energy transition.
On the final day of the Invest Africa Mining Series, H.E. Paul Kabuswe emphasized the importance of international collaboration for mineral beneficiation in Zambia and across the continent. This was followed by a session on “Industry trends in 2024 that will shape Africa’s mining sector’ where Stanbic Bank Head of Corporate & Investment Banking, Hellen Lubamba said “The growth of mining, and our focus here is critical minerals, needs to be aligned to energy growth and security of supply to meet our mineral production targets. A synchronization between decarbonisation and alignment to mining of the much needed critical is critical”.
At the 2024 Mining Indaba, President Hichilema also noted the role of The Zambia Green Growth companies opening US$3 billion in private sector and government funding for renewable energy projects across the Copperbelt. One of Zambia’s Green Grown companies namely Africa GreenCo has announced its expansion in Zambia and the rest of the region leveraging Zambia’s geographical position in the energy sector at the heart of the Southern African Power Pool.
Ana Hajduka, CEO of GreenCo, was a speaker during the Mining Indaba, addressing the topic of ‘Leveraging Regional Power Trading Opportunities’ and at Invest Africa’s Mining Series explaining in more detail the geographical and hydrological significance of Zambia for decarbonizing the energy sector in the entire SADC region. During her participation in the Invest Africa panel‘Circularity & ESG in Mining’ and the Mining Indaba panel ‘GreenCo in conversation with Sibanje Stillwater,’ Ana commended the Government of Zambia’s reforms in the electricity sector and its focus on value addition in mining. She said, “Finally, we see a convergence of the mining and energy sectors – while renewable energy supply is required to decarbonize industrial and mining operations for global competitiveness, the critical metals and minerals are necessary to achieve global decarbonization targets”. Ana also praised and noted that, “Zambia has a stable and predictable electricity legislative and regulatory framework”.GreenCo as a beneficiary of the U.K.-Zambia Green Growth Compact is working to facilitate the opening of up to $3billion in private sector investment in the electricity sector in collaboration with the state utility ZESCO.
The President, H.E. Hakainde Hichilema also visited Jewel ofAfrica, Zambia’s leading vertically integrated jewellery company. Jewel Of Africa has been engaged in mining, cutting & polishing, manufacturing, and exporting world class jewellery for over 30 years. The President’s visit was a testimony to Governments thatwish to strengthen the sector and work with such companies to create skilled jobs and greater earnings through export of locally beneficiated products.
In his Mining Indaba opening speech President Hichilema added that “Government has made some good efforts to support the gemstone sector, and in particular, emeralds, with Zambia becoming the world’s largest producer of this precious stone”.
Rashimi Sharma, Co-Founder at Jewel of Africa, stated, “Our commitment is to craft enduring excellence, and we take pride in contributing to Zambia’s illustrious gemstone legacy. Through sustainable practices and innovation, Jewel of Africa strives to showcase the richness of Zambia’s gem resources on the global stage, fostering economic growth and elevating its“.
In additional developments, President Hichilema on 8th February, officiated the Lobito Corridor Private Sector Investment Forum in Chongwe District. The Lobito Corridor Railway Line project, a transformative infrastructure initiative connecting Zambia to the Atlantic and Indian Oceans through Angola and Tanzania, has garnered attention for its potential to drive regional development. With substantial contributions from the United States, EU, Africa Finance Corporation, and the African Development Bank, this venture holds the promise of significant job creation and opportunities across various sectors, including transport logistics, agriculture, manufacturing, renewable energy, and tourism