ZAMBIA: Copper’s grip tightens despite diversification push

By Kelvin Chisanga

First-quarter data for 2026 paints a mixed picture for Lusaka’s mining revival. Investor confidence and recapitalisation have lifted large-scale production, yet overall copper output fell by 4.3% – a reminder of the sector’s fragility.

Power shortages, high operating costs and volatile global prices continue to hobble expansion. Electricity rationing, worsened by drought-hit hydropower, is forcing mines to import costly backup generation.

Copper still commands over 70% of export earnings. Government rhetoric now touts cobalt, nickel, lithium and gold as future earners, riding the energy transition wave. But on the ground, diversification remains marginal.

The real test lies in policy consistency. Investors have long memories: abrupt tax changes and licence disputes have scarred confidence. Sustaining growth demands stable rules, energy investment, upgraded rail and road links, and genuine local processing not just export of concentrate.

Without these, Zambia’s mining boom risks being another cycle of promise unfulfilled.