Zambia seeks global investors to triple copper production by 2031

Zambia is wooing investors from around the world, including those in the United States. It aims to triple its copper production to 3 million tons by 2031.

Washington wants to work with the second largest copper producer in Africa, Africa's Democratic Republic of Congo. The United States is intensifying efforts to loosen China’s grip on critical materials for advanced manufacturing.

Zambia missed its annual target of 1,000,000 tons by a mere?890.346 tons. Red'metal' is used in the construction of electric vehicles, renewable energy infrastructure and other vital components for a transition to a low carbon economy.

Paul Kabuswe, Zambian Mines minister, said that investment talks are being held with various countries as part of a larger?strategic plan to reach the 2031 goal.

He said that the U.S. was a part of this, but did not provide details about specific discussions.

Health advocates warn that the deal between Washington and Lusaka, which involves a health aid package worth more than $1 billion, is linked to access to mining and poses data sharing risks.

HAS TO BE A WIN WIN SITUATION FOR ZAMBIA & INVESTORS

Kabuswe said that there is no link between U.S. funding for health care and mining collaboration. He added: "Zambia pays attention to every detail when it comes to negotiating any issue."

Kabuswe stressed the importance of fair dealings, and added that "investors should also take their share". He said that it must be a win-win for both?Zambia's and the investors.

Zambia has a wealth of cobalt, nickel and manganese. It is also rich in lithium, rare earth elements, graphite and lithium-graphite.

Mining firms operating in Zambia are?China's JCHX Mining, Canada's Barrick Gold, India's Vedanta Resources and United Arab Emirates' International Resources Holding, as well as KoBold Metals which is backed up by U.S. Investors. (Writing and editing by Alexander Smith; Olivia Kumwenda Mtambo)

(source: Reuters)