Zambia copper expansion ahead of elections

Ahead of Zambia's August 13 elections, mining firms are urging the government to implement stronger incentives for mineral processing, revive exploration, and expand power generation to achieve the country's goal of tripling copper output to 3 million metric tons annually. The push comes amid a 40% surge in copper prices to $14,000 per ton over the past year, driven by demand from EVs, power networks, and construction. Zambia's Chamber of Mines reports that tax reforms and closer engagement with miners have attracted over $10 billion in investment since the 2021 election. However, analysts warn that power shortages and labour pressures pose significant threats to the expansion plans, with an estimated need for at least 2,000 MW of additional capacity. President Hakainde Hichilema is expected to win re-election, ensuring policy continuity for investors.