Luanshya Copper Mine Restart Supports Zambia’s Copper Growth Ambition

Luanshya Copper Mine

Luanshya copper mine restart plans are moving forward in Zambia, with the upper mine expected to resume production in August after two decades of care and maintenance. The mine is mainly controlled by China Nonferrous Mining Corporation.

The Luanshya copper mine restart follows a dewatering process after severe flooding damaged infrastructure at the site. Zambia’s mines ministry said the upper mine is set to restart first, while the lower mine is expected to begin production in 2029.

The Luanshya copper mine restart could become a meaningful addition to Zambia’s long-term copper supply base. Once fully operational by 2030, the mine is expected to produce around 100,000 t/yr of copper.

The project matters because Zambia is trying to raise national copper output sharply. The country produced more than 890,000t of copper in 2025, up 8% from a year earlier, and is targeting 1mn t this year.

Restart Adds Near-Term Momentum to Zambia’s Copper Pipeline

Luanshya’s return is important because it brings an idled asset back into Zambia’s operating copper base. Restarting an existing mine can be faster than building a new greenfield project, although dewatering, infrastructure repair and operational stabilisation still create execution risk.

The upper mine restart in August gives Zambia a near-term production milestone. The lower mine start-up in 2029 would then support a second phase of output growth.

If the mine reaches full output of 100,000 t/yr by 2030, it would make a material contribution to Zambia’s production targets. It would also strengthen the country’s position as one of Africa’s key copper suppliers.

Zambia wants to lift copper output to 3mn t by 2032. That target will require restarts, expansions, new projects, processing investment and more reliable infrastructure across the mining sector.

CNMC Role Highlights China’s African Copper Position

CNMC’s control of Luanshya reinforces China’s continuing role in African copper supply. Chinese companies have become major investors in copper assets across Zambia and the Democratic Republic of Congo.

This has strategic importance for global copper flows. As copper demand rises from grids, electrification, data centres and industrial policy, ownership and offtake structures in Africa are becoming more politically and commercially significant.

Luanshya’s restart also comes as western governments seek greater access to African copper supply. Zambia is therefore becoming a more important battleground for investment, financing, logistics and long-term offtake.

For the copper market, the project adds supply visibility but not immediate full-scale relief. The larger impact depends on whether the mine can ramp steadily, manage water and infrastructure risks, and reach its 2030 production target.

The Metalnomist Commentary

Luanshya’s restart shows why brownfield copper assets are regaining strategic value. In a market short of fast supply growth, Zambia’s ability to revive idled mines could matter as much as discovering new deposits.

Zambia and US Launch Copper Mine Joint Venture

Zambia Copper Mine

The Zambia copper mine joint venture between US-based Metalex and Zambia’s Terra Metals marks a significant step in bilateral mining cooperation. The two companies launched Lunda Resources, a partnership aimed at developing the Mwinilunga Copper Mine, which is set to become a key contributor to global copper and cobalt supply chains.

Zambia Copper Mine Joint Venture Targets 100,000t Output

The new Zambia copper mine joint venture will process up to 2mn tonnes of ore annually, producing 100,000 tonnes of copper concentrates, copper cement, and cobalt precipitate. Lunda Resources has already invested ZMW 270mn ($1.2bn) in early-stage development. The full project build-out is expected to reach ZMW 2.7bn, including advanced ore processing systems.

Strengthening Zambia-US Mining Cooperation

This partnership reflects a strategic alignment between Zambia and the US at a time when global copper and cobalt demand is surging. Copper remains central to the global energy transition, while cobalt is vital for battery manufacturing. The collaboration between Metalex and Terra Metals sets a new benchmark for cross-border mining partnerships, combining Zambia’s resource wealth with US investment and technology.

The Metalnomist Commentary

The Zambia copper mine joint venture highlights how resource-rich African nations are leveraging foreign partnerships to expand mining capacity. By aligning with US firms, Zambia strengthens its position in global supply chains while diversifying investment sources beyond China. This project underscores copper’s critical role in electrification and positions Zambia as a key growth hub in Africa’s mining sector.

KoBold Mingomba Copper Project Advances as Zambia Targets Major Supply Growth

KoBold Metals

KoBold Mingomba copper project has broken ground in Zambia, moving one of Africa’s largest planned copper mines closer to development. The project is expected to cost more than $2.3bn and produce more than 300,000 t/yr of copper once fully ramped up.

KoBold Mingomba copper project is strategically important because Zambia wants to lift national copper production to about 3mn t/yr by the early 2030s. A project of this scale could become one of the country’s most important new supply sources.

KoBold Mingomba copper project also highlights the growing role of AI-led exploration in critical minerals. KoBold has used proprietary artificial intelligence and machine-learning tools to define a high-grade copper resource deep underground.

The company acquired Mingomba in December 2022. It is now beginning early construction work before completing all engineering studies, with a final cost estimate expected by early next year.

Zambia Copper Investment Gains Momentum

Mingomba could become one of Zambia’s largest copper investments. At more than 300,000 t/yr of planned output, it would rank with some of the largest single copper assets globally.

The project supports Zambia’s wider copper growth strategy. The country is trying to attract large-scale mining investment after years of operational, tax and policy uncertainty.

Other producers are also expanding in Zambia. Barrick and First Quantum are pursuing projects that could help rebuild national output growth.

This matters because copper demand is rising from grids, electric vehicles, renewable energy infrastructure and AI data centres. But new mine supply remains difficult to deliver.

Permitting delays, declining grades and higher capital costs continue to slow global copper development. This gives high-grade, large-scale African projects greater strategic value.

Zambia has a natural advantage because it already has mining infrastructure, workforce experience and established copper export channels. However, execution still depends on policy stability, power supply, transport and downstream processing capacity.

AI Exploration Adds New Dimension to Copper Supply

KoBold’s approach makes Mingomba more than a conventional copper project. The company has built its strategy around using AI and machine learning to analyse geological data and accelerate discovery.

Technology-led exploration is becoming more important as the mining industry searches for deeper, harder-to-find deposits. Many easy copper discoveries have already been developed.

Mingomba’s deep underground resource shows why new exploration methods matter. Future copper supply will increasingly depend on better data, faster targeting and more efficient drilling.

KoBold is backed by major technology and energy-transition investors, including Bill Gates, Jeff Bezos and Sam Altman. That investor base reflects copper’s growing role in electrification and strategic materials policy.

The company is still assessing smelting and refining options for Mingomba’s output. This will be important because mine production alone does not guarantee secure copper supply.

Processing, logistics and offtake structures will determine how Mingomba’s copper enters global markets. Zambia’s ability to capture more value domestically may also shape the project’s long-term impact.

KoBold is also expanding its African critical minerals strategy. It has outlined plans for lithium exploration in the Democratic Republic of Congo by 2027 and is reviewing lithium and nickel opportunities in Namibia. It has also begun early-stage copper exploration in Botswana.

The broader signal is clear. Africa is becoming central to the next phase of copper and critical minerals supply, while technology-led exploration is changing how new deposits are found and financed.

The Metalnomist Commentary

Mingomba is important because it combines scale, grade and timing in a copper market short of credible new supply. If KoBold can convert AI-led discovery into mine execution, Zambia could gain one of the most strategically important copper assets of the next decade.

Ivanhoe Mines Secures Copper Exploration Licences in Zambia

Ivanhoe Mines

Zambia Awards Ivanhoe Vast Copper Exploration Area

The Zambian government granted Ivanhoe Mines 7,757km² of new copper exploration licences in its northwestern province. This strategic allocation expands Ivanhoe’s footprint in the Central African Copperbelt, a region rich in copper resources. The licences align with Zambia's goal to become a top global copper producer by 2031.

Partnership Strengthens Following Initial September Agreement

Ivanhoe and Zambia’s Ministry of Mines signed an initial agreement in September to pursue copper development. The formal issuance of licences marks a significant step forward in their collaboration. This partnership reflects Zambia’s commitment to attracting foreign investment in mining and exploration.

Copper Production Key to Zambia’s Economic Ambitions

President Hakainde Hichilema reaffirmed Zambia’s aim to reach over 3 million tonnes of copper production annually by 2031. Copper is central to Zambia’s development plan and energy transition ambitions. New exploration efforts like Ivanhoe’s will be vital to meeting this production milestone.

The Metalnomist Commentary

Zambia’s proactive approach to awarding exploration rights reinforces its position as a rising copper powerhouse. Ivanhoe’s expansion in the Copperbelt signals growing confidence in the region’s geology and regulatory support. The move could unlock vast new reserves essential for the global energy transition.

Anglo American exits Zambia copper JV as Arc Minerals regains control

Anglo American

Anglo American exits Zambia copper JV with Arc Minerals, underscoring how majors are retreating from early-stage African exploration risk. The joint venture’s termination ends Anglo’s first fresh Zambia investment in nearly two decades, despite a strong copper price backdrop and growing electrification demand. As a result, Arc Minerals now regains full control of the Zambian copper and cobalt licences, but faces a tougher path to funding and project de-risking.

Why Anglo American exits Zambia copper JV signals shifting exploration priorities

Anglo American exits Zambia copper JV just three years after launching the partnership with Arc’s Unico Minerals subsidiary. The JV never progressed to drilling, reflecting how majors increasingly prioritise brownfield expansions and near-term developments over greenfield frontier plays. Meanwhile, around $800,000 will remain in Handa Resources, the JV vehicle, to support ongoing work as Arc reassesses its plans.

The move highlights structural barriers in advancing African exploration, including complex permitting, high logistics costs and investors’ limited risk appetite. This caution persists even as London Metal Exchange copper prices hover near $10,600/t, supported by supply disruptions and grid-driven demand. Therefore, the Anglo American exits Zambia copper JV decision shows that price strength alone cannot offset perceived execution and jurisdiction risks.

Arc Minerals strategy after Anglo American exits Zambia copper JV

Arc Minerals now holds 100pc of the exploration licences and must redefine its strategy without a global major’s backing. The company has signalled it will explore new strategic options, including bringing in another partner to share risk and capital. However, the market reaction was immediate, with Arc’s share price plunging by nearly 50pc on the London Stock Exchange.

Arc insists it remains adequately funded, combining existing cash with remaining JV funds, and does not need a fresh equity raise now. Even so, any future drilling, resource definition and potential development will require deeper pockets or a new strategic investor. For juniors across Africa, this episode underscores how quickly corporate priorities can shift, even in a copper market driven by electrification narratives.

The Metalnomist Commentary

The fact that Anglo American exits Zambia copper JV at a time of tight copper supply underlines how capital discipline now dominates boardrooms. African copper exploration remains strategically attractive, but only where permitting clarity, infrastructure and political stability visibly de-risk the story. Expect stronger competition among juniors to secure partnerships with majors that increasingly cherry-pick only the lowest-risk copper growth options.

Jubilee Copper Output Growth Accelerates as Roan Ramp-Up Strengthens Zambia Operations

Jubilee

Jubilee copper output growth strengthened in the first half of its 2026 financial year as Roan delivered a sharp production increase. Total saleable copper units reached 1,543t in the six months to 31 December, up 8.7pc from a year earlier. Roan produced 1,246t during the period, rising 173pc year on year. As a result, Jubilee copper output growth is becoming a more important Zambia copper production story.

This matters because Roan is now the main driver behind Jubilee copper output growth. Higher throughput and better operating stability pushed feed rates to about 30,000 t/month. That performance held despite seasonal disruption from heavy rains. Therefore, Roan copper ramp-up is giving Jubilee a stronger operational base than before.

The production mix also shows broader processing flexibility. Roan delivered copper in oxide concentrate refined at Sable, sulphide concentrate sold directly, and oxide fines stockpiled for future refining. That means the company is not relying on one single recovery route. Consequently, Jubilee copper output growth is being supported by both current output and future processing potential.

Roan Copper Ramp-Up Supports Higher 2026 Production Ambitions

Roan copper ramp-up is central to Jubilee’s plan to more than double output in 2026. The company maintained production guidance of 4,500-5,100t for the year, compared with 2,211t in 2025. That target depends on continued operating gains and stronger mining support. As a result, Zambia copper production from Jubilee could rise meaningfully if Roan stays on track.

A key next step is the upgraded concentrate dewatering facility at Roan. The company expects it to be commissioned in March. Once that unit is online, Jubilee should be able to process stockpiled oxide fines into additional cathode output. Therefore, Roan copper ramp-up still has another layer of upside ahead.

Zambia Copper Production Outlook Gains Support From Expanding Feedstock

Zambia copper production at Jubilee also gains support from a growing feed pipeline. The group said it has accumulated significant copper-bearing stockpiles, including more than 2.3mn t at Molefe. That inventory can supply future refining as processing capacity expands. Meanwhile, Molefe and the wider asset base give Jubilee more optionality than a single-plant growth story.

The company is also advancing its Large Waste Project in Zambia, which contains an estimated 240mn t of material. Jubilee is evaluating possible joint-venture partners to support future recovery and processing. That suggests management is thinking beyond short-term output gains. Consequently, Jubilee copper output growth now looks tied to a wider platform build rather than only a temporary operational improvement.

The Metalnomist Commentary

Jubilee’s update matters because it shows how quickly secondary and waste-based copper projects can gain momentum when throughput and plant stability improve. The bigger signal is not just the first-half gain. It is that Roan, Molefe, and the Large Waste Project together could give Jubilee a more scalable Zambia copper growth story than the market previously assumed.

Jubilee Metals Zambia Copper Push Gets Early Funding for Molefe Asset

Jubilee Metals

Jubilee Metals Zambia copper strategy has gained modest early-stage funding after the London-listed company secured a $1.5mn convertible loan for its Molefe copper asset. The loan will support drilling and licence work as Jubilee builds its Zambian copper platform.

Jubilee Metals Zambia copper growth now centres on feeding near-surface material from Molefe into the existing Sable refinery. This lowers upfront capital needs compared with a standalone copper development project.

Jubilee Metals Zambia copper ambitions remain dependent on additional external funding. The current loan provides short-term support, while the backer is also considering a larger staged investment of $10mn.

The financing comes as Jubilee shifts away from its South African chrome and platinum group metals assets. The company is redirecting capital toward copper, where it sees stronger growth potential.

Molefe Offers Lower-Cost Route Into Copper Processing

Molefe is strategically important because it can supply material to Jubilee’s existing Sable refinery. That gives the project a practical processing route without requiring a full new refining complex.

The near-surface nature of the operation also helps reduce early development costs. Jubilee can focus initial spending on drilling, licensing and stockpile development rather than heavy greenfield infrastructure.

This model fits smaller copper developers trying to scale under tight capital conditions. Instead of building large mines first, companies can use existing processing assets and incremental feedstock growth.

Jubilee plans to build stockpiles at Molefe to support future refining. That will be important for ensuring stable feed to Sable and improving operating continuity.

However, the $1.5mn loan is limited in scale. It supports early work, but larger funding will be needed if Jubilee wants to expand mining and processing capacity meaningfully.

Zambia Becomes Core to Jubilee’s Growth Strategy

Jubilee has increasingly focused on Zambia as it pivots toward copper. The country remains one of Africa’s most important copper jurisdictions and continues to attract investment tied to electrification and energy transition demand.

The company’s copper output has improved as the Roan concentrator stabilised and Molefe expanded its role as feedstock for Sable. This gives Jubilee a clearer operating base than during earlier ramp-up challenges.

The planned sale of South African chrome and PGM assets would sharpen that focus further. It would free capital and management attention for copper growth in Zambia.

The strategy reflects wider market logic. Copper demand remains supported by power grids, renewable energy, data centres, electric vehicles and industrial electrification.

For Jubilee, the challenge is execution. It must convert a low-cost processing model into steady copper output, secure enough feedstock and attract the capital required for expansion.

The potential $10mn staged investment could become more important than the initial loan. It would provide a stronger bridge between early development and larger operating scale.

The Metalnomist Commentary

Jubilee’s Molefe funding is small, but the strategy is practical. In a capital-constrained copper market, assets that can feed existing refineries may advance faster than larger standalone projects.

Mopani Copper Mine Suspension Raises Safety and Supply Concerns in Zambia

Mopani

The Mopani copper mine suspension has put safety and supply back at the center of Zambia’s copper sector. Mopani Copper Mines froze all mining operations run by Reliant Mining in Kitwe and Mufulira. The decision followed two worker deaths in separate incidents over the past three weeks. As a result, the Mopani copper mine suspension now carries both operational and market significance.

This matters because Mopani is not a minor producer. It is Zambia’s largest mine and copper exporter, contributing more than 20pc of national output. The mine currently produces about 220,000 t/yr of copper cathode. Therefore, the Mopani copper mine suspension could affect both local operations and broader Zambia copper supply expectations.

Copper Mine Safety Is Driving the Immediate Shutdown

Copper mine safety is the direct reason for the shutdown. One worker died during testing of a blasting cable. Another died after a machine fell on them during operations. These were separate incidents, but together they forced management to halt activity.

The suspension will remain in place until investigations are completed. Management also wants comprehensive safety guidelines submitted before operations restart. That shows the company is treating the issue as a system failure, not a single isolated event. Consequently, copper mine safety has become the gatekeeper for any restart timeline.

Mopani has already begun a series of mass safety meetings. These sessions are meant to reinforce critical safety rules and discourage illegal or high-risk underground behavior. They also aim to strengthen supervision and personal accountability. Meanwhile, the company is trying to restore operating discipline before resuming production.

Zambia Copper Supply Now Faces a Near-Term Operational Risk

Zambia copper supply may now face a temporary disruption depending on how long the shutdown lasts. Mopani is a major contributor to the country’s copper exports and production profile. Even a short halt at a mine of this scale can affect output expectations. Therefore, the suspension matters beyond one operator and one site.

The timing is also important for Mopani’s own growth plan. The mine produces about 220,000 t/yr of copper cathode today, with output projected to reach 260,000t by the end of 2026. That makes the current shutdown more significant than a routine safety stoppage. As a result, the restart timeline may influence confidence in the mine’s expansion trajectory.

For the wider Copperbelt, this is also a reminder that production growth still depends on safe execution underground. Copper demand may remain strong, but mine performance can change quickly when safety breaks down. Consequently, Zambia copper supply remains vulnerable not only to grades and investment, but also to operational discipline.

The Metalnomist Commentary

This shutdown shows that safety remains one of the most important variables in copper supply. Large mines do not lose relevance when operations stop. They become more important because every delay carries wider market consequences. If Mopani resolves the safety gap quickly, the output impact may stay limited, but the lesson for the Copperbelt is already clear.

Zambia Suspends China-Owned Copper Mines for Compliance Violations

Zambia mining

Zambia suspends China-owned copper mines after an inspection found illegal processing. Authorities halted Sino Octascene and Ken Reliable. Zambia suspends China-owned copper mines to enforce documentation and trade transparency. Officials seized stockpiles and referred managers to law enforcement. Zambia suspends China-owned copper mines to tighten monitoring nationwide.

Compliance crackdown and market implications

The ministry identified unauthorized processing over an unknown period. The government will intensify oversight of all processors. The seized ore prevents further illicit throughput. Annual capacities of 8,000t and 4,000t now sit idle. Therefore, local concentrate flows could tighten near term. However, national copper output impact should remain limited. The action signals zero tolerance for regulatory breaches.

Ownership, enforcement steps, and next milestones

Sino Metals owns both assets through a local subsidiary. Officials will verify permits and require proper documentation. Companies must meet conditions before any restart. As a result, near-term sales and cash cycles face disruption. Buyers should expect stricter chain-of-custody checks. Meanwhile, compliant operators gain a relative advantage.

The Metalnomist Commentary

This enforcement boosts rule-of-law signals to investors and traders. Short-term logistics may wobble, but governance premiums can rise. Watch restart conditions, documentation timelines, and any sector-wide audits.

Sinomine Lithium and Copper Expansion Targets Zimbabwe and Zambia Growth

Sinomine Resources

Sinomine lithium and copper expansion is accelerating as the Chinese miner prepares to raise up to 5.2bn yuan to fund new battery metals, copper and specialty metals projects. The targeted share placement will support projects in Zimbabwe, Zambia and Jiangxi province.

Sinomine lithium and copper expansion reflects the company’s move from a lithium-focused growth story into a broader multi-metal platform. The company entered lithium through the Bikita mine in Zimbabwe in 2021 and added copper exposure through its 65% stake in Zambia’s Kitumba project in 2024.

Sinomine lithium and copper expansion also shows how Chinese mining companies are securing upstream resources while building processing capacity closer to mine sites. That strategy is becoming more important as resource-rich countries push for more domestic value addition.

The fundraising plan will support a 100,000 t/yr lithium sulphate plant in Zimbabwe, the Kitumba copper project in Zambia, and a 2,000 t/yr caesium and rubidium products project in Jiangxi.

Kitumba Copper Project Strengthens Sinomine’s Diversification

The Kitumba copper project is central to Sinomine’s move into copper. Development is advancing through equipment procurement, civil works and installation, with trial concentrator production targeted by the third quarter of 2026.

Full concentrator commissioning is expected in the fourth quarter of 2026. Smelter trial production is also targeted for the fourth quarter, with full operations expected from the first quarter of 2027.

Kitumba’s mining and processing design capacity remains 3.5mn t/yr of ore. However, smelting design capacity has been revised down to 35,000 t/yr of copper cathode from the previous 60,000 t/yr.

At full capacity, the project is expected to average 33,000 t/yr of copper cathode and 55,000 t/yr of copper concentrate. This gives Sinomine exposure to both refined copper and concentrate flows.

The project matters because copper demand is increasingly tied to grids, electric vehicles, data centres, renewable energy and industrial electrification. Chinese miners are therefore looking beyond lithium to secure copper assets that can support long-term energy transition demand.

Zambia also gives Sinomine a strategic position in the African copper belt. The region remains one of the most important sources of copper growth, but project execution will depend on infrastructure, power, permitting and smelting economics.

Zimbabwe Lithium Sulphate Plan Moves Processing Downstream

Sinomine’s Bikita lithium operations in Zimbabwe have already ramped up after commissioning 2mn t/yr and 1.2mn t/yr expansion projects in July 2023. The projects reached designed capacity and product specifications by November 2023.

Lithium concentrate shipments to China have continued, but Zimbabwe’s policy environment is pushing Chinese lithium firms to process more material locally. The country imposed a ban on concentrate exports in February, accelerating interest in lithium sulphate production.

Sinomine’s planned 100,000 t/yr lithium sulphate plant fits that shift. Details on construction timing and commissioning have not yet been disclosed, but the strategic direction is clear.

Lithium sulphate gives producers a way to move further downstream before exporting material to China or other battery chemical markets. It also helps satisfy local value-addition requirements while preserving access to Zimbabwe’s lithium resource base.

Other Chinese battery materials companies are moving in the same direction. Huayou Cobalt shipped its first lithium sulphate cargo from Zimbabwe to China on 25 April, showing that the processing route is already becoming commercially active.

Sinomine’s specialty metals platform adds another layer. The company is a leading producer of caesium and rubidium salts, with integrated mining, processing and advanced materials capabilities.

The planned 2,000 t/yr caesium and rubidium products project in Jiangxi supports higher-value specialty materials growth. These metals serve specialised industrial, electronic and advanced technology applications.

Sinomine’s latest fundraising plan therefore points to a more integrated strategy. The company is securing lithium, adding copper, and expanding specialty metals processing while responding to changing export rules and downstream demand.

The Metalnomist Commentary

Sinomine’s strategy shows how Chinese miners are adapting to a world where resource ownership alone is no longer enough. The next advantage will come from controlling mine supply, local processing and downstream product routes across lithium, copper and specialty metals.

IRH-Mopani Copper deal faces court challenge, clouding Zambia’s copper growth

IRH-Mopani Copper Mine

The IRH-Mopani Copper deal now faces a constitutional challenge in Zambia. Petitioners argue the IRH-Mopani Copper deal requires parliamentary approval. As a result, the IRH-Mopani Copper deal could be nullified if judges agree.

What the challenge argues—and why it matters

The case claims the $1bn, 51pc stake sale breached constitutional rules. It says Mopani’s stake is a significant state asset requiring parliament’s consent. Meanwhile, ZCCM urged investors to act cautiously until the court rules. Legal uncertainty raises sovereign and project risk for copper investors. However, the filing does not halt operations today.

Production targets and national copper ambitions at stake

Backed by IRH, Mopani plans a sharp capacity ramp. Targets rise to 200,000 t/yr by 2027, then 226,000 t in 2028. Output would reach 300,000 t by 2029 if plans hold. Zambia produced 820,676 t of refined copper in 2024. The country aims for 3mn t/yr by 2031. Therefore, delays could complicate financing, offtake, and OEM supply chains.

Mopani’s growth plan assumes stable governance and capital access. Any nullification would force a deal restructure or new approval. Moreover, vendors and lenders could demand tighter covenants. Offtakers may seek risk premiums on long-term cathode contracts. Yet, a clarified legal path could unlock fresh capital quickly.

The Metalnomist Commentary

This test will define Zambia’s investment rulebook for strategic assets. A court-blessed process, even if slower, could lower long-term risk. Watch for interim rulings, government signals on parliament’s role, and offtake contract timing.

First Quantum Kansanshi copper mine expansion boosts Zambia’s refined output

First Quantum

First Quantum Kansanshi copper mine expansion is now commissioned in Zambia. The $1.25bn project lifts refined copper by about 80,000 t/yr. Therefore, First Quantum Kansanshi copper mine expansion raises capacity to 250,000 t/yr. The upgrade adds milling, smelting, and a new pit. As a result, First Quantum Kansanshi copper mine expansion extends mine life by 20 years.

Capacity, processing upgrades, and national targets

The S3 project nearly doubles Kansanshi’s ore-milling capacity. It also expands smelter throughput by about 25%. Meanwhile, Zambia targets 3mn t/yr of copper by 2030. This expansion aligns with that goal. President Hichilema highlighted longer life and higher output. Consequently, Kansanshi becomes a national growth lever.

Portfolio impact after Cobre Panamá suspension

Kansanshi and Sentinel now anchor First Quantum’s portfolio. They contributed 93% of copper output in 2024. This followed Cobre Panamá’s suspension in late 2023. Therefore, Zambia is the company’s critical copper hub. Stronger Kansanshi volumes support group revenues. Additionally, improved processing boosts recovery and product reliability.

The Metalnomist Commentary

Kansanshi’s step-up de-risks First Quantum’s post-Panamá profile. Watch ramp curves, power stability, and concentrate logistics. Smelter throughput gains will shape costs and realized premiums.

Sinomine to Build Copper, Gallium, and Germanium Smelters in Africa: A Strategic Move for Resource Expansion

Sinomine

Chinese diversified mining company Sinomine Resource has announced a bold step in its global resource strategy by unveiling plans to build a copper smelter at its Kitumba mine in Zambia and a germanium/gallium recycling facility at the Tsumeb smelter in Namibia. These investments come as part of Sinomine's ongoing strategy to expand its reach in the mining sector, focusing on copper, germanium, and gallium—key strategic metals for the global market.

Sinomine’s Copper Smelter in Zambia

The first phase of Sinomine’s expansion involves a $562.9 million investment in a new copper smelter at its Kitumba mine in Zambia. The smelter will process 3.5 million tons per year of copper ore, with a production capacity of 60,000 tons per year of copper cathode. The project is set to be completed by late 2026, with a construction period of 1½ years, and will have an expected operating life of 11 years after commissioning. The smelter’s establishment aligns with Sinomine's strategy of expanding its copper resources globally, particularly in Africa, a continent rich in mineral deposits.

Sinomine took control of the Kitumba mine in March and began production in August, marking a significant milestone in its overseas copper operations. The Kitumba project complements Sinomine’s other Zambian ventures, including the commissioning of a second concentrator at the Kasisi copper and gold mine earlier in 2023. This move has significantly increased copper ore processing capacity, further bolstering Sinomine’s growing presence in Zambia.

Expansion in Namibia: Gallium and Germanium Recycling Facility

In addition to copper, Sinomine has also turned its attention to germanium and gallium, two metals that are crucial to industries such as information technology, renewable energy, and aviation. The company is investing $222 million in a multi-metal recycling facility at the Tsumeb smelter in Namibia. The facility will have an annual processing capacity of 200,000 tons and will produce 33 tons per year of zone-melting grade germanium, 11 tons per year of 99.9% industrial-grade gallium, and 10,900 tons per year of zinc. This ambitious project will be built in two phases and is expected to operate for 15 years. However, detailed launch dates are still to be disclosed.

The polymetallic slag at the Tsumeb smelter is estimated to contain substantial quantities of germanium, gallium, and other metals, including zinc and copper, making it an attractive site for advanced metal recycling and extraction. Sinomine’s investment reflects the growing global demand for germanium and gallium, both of which have seen price increases following China’s introduction of export licensing schemes in August 2023. These metals are considered critical for high-tech applications, and their strategic importance has driven companies worldwide to diversify their supply sources.

The Global Significance of Germanium and Gallium

Germanium, used extensively in industries ranging from telecommunications to clean energy, is a strategic resource that is primarily produced in China, which has been reducing its export volume. The global reserves of germanium are estimated at just 8,600 tons, according to the US Geological Survey. Gallium, which is essential for electronics and solar technology, is also in high demand. Sinomine's strategic investments in germanium and gallium facilities will position the company to capitalize on the rising global need for these critical materials, while reducing its reliance on Chinese supply chains.

Conclusion

Sinomine’s investment in copper and multi-metal recycling projects in Zambia and Namibia highlights its forward-thinking approach to securing a diverse range of valuable resources. As global demand for copper, germanium, and gallium grows, Sinomine is positioning itself as a key player in the African mining sector. With an expanding footprint across the continent, the company is set to shape the future of metal production and recycling, supporting industries from renewable energy to electronics.

Mining states smelter economics drive shift toward regional value chains

Africa Mining

Mining states smelter economics are reshaping how resource-rich governments think about value addition and industrial policy. At the FT Metals and Mining conference, African and Middle Eastern officials outlined ambitious mining growth plans while acknowledging tough smelter economics. As a result, they increasingly favour flexible regional chains, trading platforms and targeted downstream moves over politically symbolic but uneconomic smelter projects.

Zambia and Saudi Arabia recalibrate mining growth and downstream strategy

Mining states smelter economics sit at the heart of Zambia’s long-term copper strategy. The government is holding to its 3mn t/yr copper target by 2031 but plans to stay out of smelter investment decisions. Instead, Zambia will focus on policy tools such as export waivers and a state-run trading house from Lusaka. These mechanisms aim to manage excess copper concentrate and attract private capital into processing where returns justify risk.

However, Zambia still needs major capital commitments to reach its copper goals. The country produced 840,000t of refined copper last year and expects to exceed 1mn t in 2025. To close the gap with its 2031 ambition, Zambia is relying on projects like First Quantum’s $1.25bn Kansanshi expansion and other greenfield or brownfield investments. Therefore, mining states smelter economics will influence whether future capacity focuses on concentrate exports, tolling deals or selective domestic refining.

Meanwhile, Saudi Arabia is building mining into its third economic pillar under Vision 2030. The kingdom wants to raise sector GDP from $35bn to $75bn by 2035, with 70pc from downstream activities. It is rolling out a fully integrated aluminium chain, planning to triple phosphate output by 2040 and constructing a battery metals trading platform. These moves show how mining states smelter economics can support more sophisticated value chains rather than simple ore exports.

Saudi Arabia is also using international deals to secure feedstock and technology. Its PIF-backed Manara Minerals JV is investing abroad, while the kingdom builds rare earth links with partners such as MP Materials and explores refinery projects with global miners. As a result, the country is positioning itself as a regional processing and trading hub, rather than relying solely on domestic ore extraction.

Regional chains rise as smelter economics and policy risks bite

Mining states smelter economics are driving governments to prioritise regional infrastructure over isolated national hubs. Guinea’s $20bn Simandou iron ore project illustrates this shift, combining Chinese rail capacity, US locomotives and French signalling in a single integrated corridor. This model aligns with calls from industry leaders to optimise at regional scale, where transport, energy and port infrastructure can support multiple producers and customers.

However, building new smelters remains challenging when copper treatment charges sit at historically weak or even negative levels. Industry voices argue that in-country smelting often “doesn’t pay” in today’s market, especially once high power costs and carbon considerations are included. Therefore, mining states smelter economics are pushing policymakers to abandon hopes of easy “green premiums” and focus instead on cost competitiveness and stable regulatory frameworks.

At the same time, state miners are exploring commercial tools to capture more value without over-investing in heavy assets. In the Democratic Republic of Congo, Gecamines plans a dedicated trading arm to market its 20–49pc joint-venture production share. The company wants to revive its own brand, sharpen market knowledge and improve pricing power. If logistics and finance constraints ease, executives believe the firm could “easily” join the top tier of global copper operations.

The Metalnomist Commentary

The debate around mining states smelter economics is shifting from ideology to hard numbers. Resource-rich governments increasingly recognise that modern value chains may rely more on trading hubs, corridors and selective downstream assets than on politically attractive but uneconomic smelters. For investors, the most attractive jurisdictions will be those that match geological potential with pragmatic policies on infrastructure, energy and fiscal stability.

Power Outages Impact Jubilee Metals Copper Output in Zambia

Jubilee Metals

Jubilee Metals, a mining company listed in London and Johannesburg, has reported a decline in copper production at its Roan facilities in Zambia due to unplanned power outages on the national grid. The outages have significantly disrupted operations, with the company highlighting a "noticeable increase in the number of hours of production lost." Uncertainty persists regarding how long these disruptions will continue, leaving the company’s production outlook for the second quarter of the 2025 financial year in question.

Differential Impact Across Jubilee’s Sites

While the power outages have hit the Roan site hard, other Jubilee operations have been less affected:

• The Sable refinery has maintained more stable production, thanks to its private electricity supply.

• Operations at the Munkoyo copper project and the Project G open-pit copper mine remain unaffected.

The resilience of certain facilities underscores the importance of diversified energy sources for mining operations, especially in regions prone to grid instability.

Production Targets at Risk

Jubilee Metals has set a total copper production target of 5,850-7,500 tonnes (t) for the 2025 financial year, a significant increase from the 3,422 tonnes produced in the 2024 financial year ending in June. However, the ongoing power issues at Roan cast doubt on whether the company can meet its quarterly and annual targets.

Despite these setbacks, Jubilee’s operational diversification and private energy solutions at certain sites offer some mitigation against the broader impact of Zambia’s grid challenges. However, the lack of clarity regarding when stability might return makes forward planning difficult.

Zambia’s Power Challenges and the Mining Sector

Power outages in Zambia, a key copper-producing nation, highlight broader challenges in ensuring stable energy supplies for the mining sector. As the country grapples with energy infrastructure issues, companies like Jubilee Metals are exploring alternative solutions to safeguard production and meet rising demand for copper, a critical metal in renewable energy and electric vehicles (EVs).

Jubilee Metals copper output rebound accelerates on Zambia upgrades

Jubilee Metals

Jubilee Metals copper output rebound is gaining traction at the start of its 2026 financial year. The miner reported a 65.5% quarter-on-quarter jump in copper unit production to 938 tonnes in the first quarter. Therefore, Jubilee Metals copper output rebound signals that its multi-year investment cycle is starting to pay off.

Jubilee Metals copper output rebound follows a difficult 2025 investment phase. Copper production fell 35.4% to 2,211 tonnes in the year ended June 2025. Meanwhile, the company completed upgrades at its Roan concentrator and advanced development at the Molefe mine.

Roan and Molefe deliver early operational leverage

Roan concentrator stability is driving most of the near-term uplift. The plant is running at its targeted feed rate of 30,000 tonnes per month. However, Jubilee can lift throughput to 45,000 tonnes per month after the rainy season ends.

Molefe is also increasing feed into the group’s downstream system. Pit 2 construction is complete, and operations started in the first quarter of FY2026. Meanwhile, deliveries of high-grade run-of-mine material to the Sable refinery stepped up from 3,500 to 4,500 tonnes per month during November.

Jubilee is targeting 8,500 tonnes per month from the third quarter of FY2026. Therefore, execution through the rainy season will shape whether the company reaches the upper end of guidance. The company also reported no material power outages in the quarter after adding a private power purchase agreement for Roan and Sable.

Guidance reset highlights copper upside and portfolio reshaping

Jubilee set FY2026 copper unit production guidance at 4,500–5,100 tonnes. This would more than double output versus FY2025. As a result, the group is positioning Zambia copper production as a larger earnings driver.

Recent financials show why the ramp-up matters. Copper revenue fell 17.9% to $15.2mn in FY2025, and copper earnings swung to a $5.2mn loss. However, the higher run rate should improve fixed-cost absorption if throughput stays stable.

Jubilee is also moving to sell its South African chrome and PGM operations. The South African Competition Tribunal approved the disposal on 14 November. The transaction is expected to complete by the end of December 2025, while Zambia becomes the core growth focus.

The Metalnomist Commentary

This rebound looks operational, not purely price-driven, because feed and uptime improved. However, the rainy season remains the real stress test for concentrator consistency. If power stability holds, Jubilee can convert throughput gains into margin recovery.

Jubilee Metals to Sell Chrome and PGM Operations

Jubilee Metals

Jubilee Metals to sell chrome and PGM operations marks a decisive strategic pivot. The company plans to divest its South African chrome and PGM assets to One Chrome for up to $90mn. The move will fund growth in Zambia, where Jubilee sees strong copper market dynamics.

Why the divestment now

Jubilee Metals to sell chrome and PGM operations reflects a focused capital allocation plan. Management backs the sale unanimously and set a 28 August shareholder vote. The deal proceeds will exceed the copper unit’s short-term capital needs, improving funding certainty.

What the transaction covers

Jubilee Metals to sell chrome and PGM operations includes chromite reef and tailings processing in South Africa. One Chrome, a private resources group with local affiliates, is the buyer. Jubilee will retain and expand copper operations in Zambia, centered on waste reprocessing.

The copper thesis drives Jubilee’s portfolio reset. The board cites firm copper demand signals to justify the shift. Therefore, the company aims to scale processing and offtake capabilities in Zambia.

The sale reshapes Jubilee’s earnings mix toward copper. Meanwhile, exiting chrome and PGM simplifies operations and reduces South African exposure. As a result, management can concentrate on copper project execution and cash conversion.

The Metalnomist Commentary

Jubilee is trading product breadth for balance-sheet clarity and copper leverage. Execution now hinges on closing the sale and rapidly converting proceeds into Zambian throughput gains. Watch the 28 August vote and subsequent copper ramp milestones for validation.

Vedanta launches US copper subsidiary to scale Zambian copper output

Vedanta Resources

Vedanta launches US copper subsidiary CopperTech Metals to drive long-term growth at Konkola Copper Mines in Zambia. By launching Vedanta launches US copper subsidiary, the group links Wall Street capital with African copper resources. As a result, Vedanta launches US copper subsidiary becomes a central vehicle for meeting rising global copper demand.

CopperTech Metals targets aggressive Konkola production growth

CopperTech plans to significantly expand capacity at Konkola Copper Mines over the next decade. The US-based unit expects to invest $1.5bn, in addition to Vedanta’s $3bn commitment. Together, these investments aim to lift annual production from about 140,000t this year to 300,000t/yr by 2031.

The company is already signalling ambitions beyond that medium-term goal. Over time, CopperTech aims to push Konkola output toward 500,000t/yr, subject to geology, infrastructure and market conditions. This growth profile would position Konkola among Africa’s more significant copper hubs. It would also align the mine with long-cycle demand from energy transition, EVs and grid expansion.

Ownership stability is another critical pillar for the strategy. The Zambian government returned control of Konkola to Vedanta in July 2024, ending a protracted dispute. That resolution allows CopperTech to plan multi-billion dollar capex on a clearer legal and operational footing. It also signals Zambia’s desire to attract investment while retaining leverage over strategic mineral assets.

Strategic rationale behind Vedanta launches US copper subsidiary

The decision that Vedanta launches US copper subsidiary reflects the strategic importance of copper for energy transition. CopperTech gives Vedanta a US-facing corporate structure that can access capital markets and strategic offtakers. This structure may improve financing flexibility for future plant expansions and underground development.

Meanwhile, Vedanta launches US copper subsidiary in a context of tightening global copper supply. Many legacy mines face declining grades, while new greenfield projects struggle with permitting and ESG scrutiny. In this environment, brownfield expansion at Konkola offers a relatively faster route to new tonnes. It also supports Zambia’s ambition to grow its share of global refined copper supply.

As a result, Vedanta launches US copper subsidiary not only restructures ownership but also reframes the mine within global supply chains. Copper produced at Konkola will increasingly feed renewable energy, EV and infrastructure value chains. That link will draw greater scrutiny around environmental performance, community engagement and governance standards in the Copperbelt.

The Metalnomist Commentary

By channeling new investment through CopperTech, Vedanta is betting that US-linked governance and capital access will enhance Konkola’s strategic value. The scale of planned expansions underscores how central Zambian ore will be in the next copper upcycle. For traders, smelters and OEMs, the real question now is whether execution, regulation and ESG performance can keep pace with these ambitious volume targets.

Copper Trade’s Future Rests on Traders Amid Supply Chain Strains

Mercuria Energy Trading

Growing Global Demand, Concentrate Deficit, and Strategic Investments Highlight Traders’ Rising Influence in Copper Markets

The role of traders in the global copper market is becoming increasingly critical, especially as supply chain disruptions deepen. At the 2025 Mining Indaba in Cape Town, industry experts emphasized that a growing shortage of copper concentrates is driving this trend, despite sufficient metal availability in the short term.

Supply Disruptions and Demand Growth Attract Trading Houses

Copper concentrate deficits are expected to impact the refined copper market more significantly in the coming years. According to Nicholas Snowdon, Head of Metals and Mining Research at Mercuria Energy Trading, traders will fill essential gaps as disruptions rise and demand accelerates. He stated that countries such as Zambia and the Democratic Republic of Congo (DRC) are taking active steps to trade minerals directly, enhancing regional participation in the global market.

Mercuria’s December agreement with Zambia to launch a metals trading arm exemplifies how nations are seeking to gain value from local copper production. Zambia, one of Africa’s largest copper producers, aims to ramp up output to 3 million tonnes by 2030. Snowdon stressed that similar strategic partnerships will bring expertise and foster industry growth.

Gulf and Private Equity Eye Strategic Copper Assets

Beyond Africa, interest is growing from Saudi Arabia and other Gulf nations, which are diversifying away from fossil fuels. Even small-scale investments in copper assets by these nations reflect a broader shift towards clean energy supply chains, where copper plays a pivotal role. Despite this enthusiasm, Graeme Train of Trafigura noted that private equity involvement remains relatively nascent, though capital flow has increased in recent years.

Geopolitical Risks Pose Challenges for Copper Investment

While traders are positioned to benefit from increasing market complexities, global political tensions could threaten progress. Panellists warned that the ongoing US-China trade conflict, combined with rising tariffs and inflation risks, could stall key copper projects. Notably, about 75% of global copper ventures involve Chinese equity, raising vulnerability amid geopolitical strain.

In conclusion, traders will likely become central to navigating the copper market's evolving landscape. Their ability to manage risk, bridge supply chain gaps, and mobilize capital will define the next phase of copper’s global trade dynamics.

Barrick Copper Output Rises as Lumwana Expansion Anchors Growth Outlook

Barrick

Barrick copper output rose in the first quarter as stronger production from the Lumwana mine in Zambia supported the company’s wider copper growth strategy. The Canadian miner produced 49,000t of copper during the quarter, up 11% from 44,000t a year earlier.

Barrick copper output increased in line with expectations, although copper sales fell by 12% to 45,000t. The production gain reinforces Barrick’s focus on copper as a long-term growth metal alongside its gold business.

Barrick copper output remains guided at 190,000-220,000t for the full year. The company expects production to be stronger in the second half.

The copper business generated revenue of $556mn in the first quarter, up 17% from $474mn a year earlier. Group revenue rose to $5.2bn, while profit increased to $1.6bn.

Lumwana Drives Near-Term Copper Momentum

Lumwana was the main driver of Barrick’s first-quarter copper increase. The Zambian mine produced 32,000t during the quarter, up 19% from 27,000t a year earlier.

The operation has not faced concentrate shipment problems because all of its concentrate is smelted locally. This gives Lumwana a logistical advantage at a time when copper supply chains are increasingly exposed to transport, smelting and regional infrastructure constraints.

Barrick is now working on a major expansion at Lumwana. Once the mill expansion is completed, throughput is expected to rise to 52mn t/yr from 27mn t/yr.

The expansion is expected to lift copper production at the site to 240,000 t/yr, more than double current annual output. First copper from the expansion is expected in the first quarter of 2028.

This makes Lumwana one of Barrick’s most important copper growth assets. It also strengthens Zambia’s role in global copper supply as governments and manufacturers seek more secure sources of the metal for electrification, grids and industrial infrastructure.

Jabal Sayid Improves as Zaldivar and Reko Diq Face Pressure

Barrick’s Jabal Sayid joint venture with Ma’aden in Saudi Arabia produced 18,000t of copper in the first quarter, up from 17,000t a year earlier. Barrick owns half of the project.

The Zaldivar joint venture in Chile with Antofagasta produced 16,000t, down 11% from a year earlier. Barrick also owns half of that operation.

The mixed project performance shows how Barrick’s copper portfolio remains dependent on mine-specific operating conditions. Zambia provided the upside, while Chile reduced the overall gain.

Barrick’s longer-term copper pipeline also includes Reko Diq in Pakistan. However, the company said in March that it plans to slow development activity there because of security risks in Pakistan and the Middle East.

Several contractors at Reko Diq have sent force majeure notices to Barrick. This underlines the political and security challenges facing large copper growth projects in higher-risk jurisdictions.

The broader supply-chain message is clear. Copper demand is rising, but new production depends on execution, security, local smelting, infrastructure and permitting. Barrick’s Lumwana expansion is advancing, while Reko Diq shows how geopolitical risk can slow even major resource projects.

The Metalnomist Commentary

Barrick’s copper growth story is increasingly centred on Lumwana because it combines scale, expansion potential and local smelting access. The company’s challenge is to convert copper optionality into reliable supply while security risks delay larger frontier projects such as Reko Diq.