Higher prices, demand revs up copper mining in Africa

High global copper prices and rising demand are reigniting investment in exploration in Africa’s copper hotspots, with the Democratic Republic of the Congo and Zambia attracting significant capital funding and producers looking for revival in places such as Uganda, where copper mining had collapsed.

The expansion of Kamoa-Kakula entered a third phase this month that will see it increase its annual copper production to 600 000 tonnes by the fourth quarter of 2024, according to the statement. Adjacent to the two new mines at Kamoa, a five-million-tonne-a-year concentrator plant will be established, taking total processing capacity to more than 14-million tonnes a year. Power for the expansion will be hydroelectric, through a partnership with the DRC’s Inga II hydro project, the Kamoa-Kakula statement said.

Zambia’s copper output fell to 800 696 tonnes in 2021 from 837 996 tonnes in 2020 but President Hakainde Hichilema has committed to creating a conducive investment climate for miners and mining exploration. He announced in April that Zambia’s government was close to finding a private investor for its Mopani Copper Mines, one of the country’s biggest. Zambia has been looking for a buyer after taking on $1.5-billion debt to buy Mopani from Glencore in January 2021.

Kilembe is Uganda’s largest copper mine, with estimated deposits of copper in excess of four-million tonnes. The mine began operations in 1952 and was closed in 1982 when exploration ceased because of depressed world copper prices. In March, Fitch Ratings raised its copper price assumptions from $8 500 to $9 500 a tonne in 2022 and to $8 500 in 2023, citing increased post-pandemic demand, tight markets and short-term supply disruptions, particularly as a result of Russia’s invasion of Ukraine.

Source: Financial Digest (financialdigest.net)

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