Zambia is making waves in the copper market, announcing plans to directly buy and sell a portion of its copper production. This bold move puts them in competition with industry titans like Mercuria and Glencore, marking a significant shift in their approach to natural resource management.
A senior advisor to President Hichilema assured fair and commercially viable trading practices, aiming for mutual benefit with mining companies and the nation. This strategy echoes similar moves by neighbouring nations like Botswana and DR Congo, who are also aiming to capture a larger share of the value from their mineral resources. By passing traditional middlemen, Zambia hopes to retain more of the profits generated by its vast copper reserves.
Adding further fuel to the fire, US-based KoBold Metals has announced a major copper deposit discovery in Zambia. This news reinforces the country’s potential as a major player in the global copper market, attracting international investors to its lucrative mining sector.
Zambia’s foray into direct copper trading is a strategic manoeuvre to exert greater control over its natural resources and translate them into tangible economic progress. Stakeholders across the industry and the wider economy will be closely watching the impact of this decision, eager to see how it unfolds.