Zambia Investor Briefing September

▶️ WATCH: Choolwe Chibomba and a powerhouse panel discuss how Zambian Mining Can Power the Green Energy Revolution LIVE at the Invest Zambia International Conference (IZIC) this month

OVERVIEW

⛏️ MINING:

• ZCCM Investment Holdings PLC has reached a market capitalisation of $1 billion on Lusaka Securities Exchange (LuSE), marking a historic milestone for the company.

• The US Trade and Development Agency (USTDA) has invested $1.4 million in Metalex Africa to fund a feasibility study for expanding Kazozu mine in Zambia’s North-Western province.

• Zambia hosted the first ever Artisanal and Small-Scale Mining (ASM) conference, bringing stakeholders from across the country and region to discuss the path forward.

• Firering Strategic Minerals has boosted production at its Limeco quicklime operations in Zambia after upgrading and restarting Kiln 1. 

⚡️ ENERGY:

• President Hakainde Hichilema has unveiled plans to ease Zambia’s power shortages by adding more than 740 megawatts (MW) of solar capacity within the next year.

• A 50MW solar plant in Mumbwa is nearing completion. FuelBuddy officially launched operations in Zambia, expanding its doorstep fuel delivery services.

• Construction has begun on the 100MW Maamba Solar Project in Zambia’s Southern Province.

• Terra Metals Inc., in partnership with the Investment Bank of Africa (IBA) and Nalolo Solar Power Energy Company (NASPEC), has advanced the Nalolo Solar Project.

• ZESCO Limited has introduced a 10-hour daily power supply in 21 high density townships. 

💰 TRADE:

• Zambia and Zimbabwe have strengthened bilateral cooperation by signing two memoranda of understanding (MoU).

• Zambia hosted the regional workshop Towards an Accelerated Implementation of the African Continental Free Trade Area (AfCFTA) Agreement in Africa.

• Zambia and Tanzania have reinforced their commitment to boosting regional trade by tackling non-tariff and technical barriers that hinder cross-border commerce. 

📈 INVESTMENT LANDSCAPE:

• ZamStats (Zambia Statistics Agency) reported a significant turnaround in Zambia’s trade balance recording a surplus of K1.4 billion in July 2025.

• Zambia’s tax revenue has reached a historic 16% of GDP. Zambia’s inflation eased for the third month straight, falling to 12.3% in September from 12.6 % in August.  

• Zambia’s stock exchange surged ahead of global peers in August, with the Lusaka Securities Exchange (LuSE) All Share Index rising 14.3%, fuelled by strong copper performance and renewed investor confidence. 

A CLOSER LOOK

ZCCM Investment Holdings PLC has reached a market capitalization of US $1 billion on the Lusaka Securities Exchange (LuSE), marking a historic milestone for the company. ZCCM-IH Board Chairperson Phesto Musonda attributed the success to a cleaned balance sheet, resolution of Mopani’s challenges, and strong share price growth. LuSE CEO Nicholas Kabaso hailed the development as a boost for Zambia’s capital markets, while Stockbrokers Zambia Limited described it as proof of the country’s resilience and economic growth potential.

Meanwhile, the US Trade and Development Agency (USTDA) has invested $1.4 million in Metalex Africa to fund a feasibility study for expanding the Kazozu copper and cobalt mine in Zambia’s North-Western province. The project could add up to 25,000 metric tonnes of copper and cobalt concentrates to Kazuzo’s each year. USTDA’s Thomas R. Hardy stated, “By leveraging US technology and expertise, this project will help expand Zambia’s mining sector, advancing responsible resource development to benefit both our nations.” Metalex CEO Ayo Sopitan welcomed the grant as a milestone in scaling up operations. The project is being developed in collaboration with local partner Terra Metals. 

Zambia hosted the first ever Artisanal and Small-Scale Mining (ASM) conference, bringing stakeholders from across the country and region to discuss the path forward. Mines Minister Paul Kabuswe stressed that artisanal mining must be treated as a serious economic activity capable of creating jobs and transforming livelihoods. President Hakainde Hichilema, who called for the conference, led discussions on harnessing mineral wealth responsibly. The two-day event, themed “Unlocking ASM Potential for Inclusive and Sustainable Development,” drew delegates from Zambia and neighbouring countries, along with international partners.

In other mining news, Firering Strategic Minerals has boosted production at its Limeco quicklime operation in Zambia after upgrading and restarting Kiln 1, now running at 45–50 tonnes per day. The company has also secured a ten-year mining licence for Tier 1 limestone deposit, which holds reserves capable of supporting over 50 years of output. Refurbishment of Kiln 2 is underway, with plans to scale total production across Limeco’s eight-kiln plant to 600–800 tonnes daily. CEO Yuval Cohen said strong demand and a growing sales pipeline position Limeco to become a leading regional supplier. The licence allows a shift from stockpiled feedstock to direct mining by late 2026, unlocking long-term growth potential.

Energy

President Hakainde Hichilema has unveiled plans to ease Zambia’s power shortages by adding more than 740MW of solar capacity within the next year. Addressing parliament, he acknowledged the toll of frequent outages and stressed the need to reduce reliance on hydro, which makes up 85% of the current energy mix. Recent milestones include the 100MW Chisamba Solar Phase-1 and 94MW Itimpi Solar project, with more plants under construction across seven provinces. Hichilema said private sector projects will push solar capacity beyond 1,000 MW in the same period, part of Zambia’s wider Mission-300 goal to deliver 10 GW by 2030 and expand access to millions of citizens.

A 50MW solar plant in Mumbwa is nearing completion, expected to play a vital role in strengthening Zambia’s long-term energy security. The project, led by China’s SinoMine Resource Group, awaits a final grid connection by ZESCO before it can begin supplying clean power to the national network. Zambia’s Ambassador to China, Ivan Zyuulu, commended SinoMine’s role in job creation. Once operational, the plant will enhance energy security and advance Zambia’s low-carbon development goals. 

Earlier this month, FuelBuddy officially launched operations in Zambia, expanding its doorstep fuel delivery services. The company aims to meet rising demand from sectors such as mining, agriculture, logistics, and construction by providing reliable, safe, digitalised fuel solutions. FuelBuddy CEO Adnan Kidwai stated that the expansion will help businesses cut downtime, improve efficiency, and focus on growth. 

Construction has begun on the 100MW Maamba Solar Project in Zambia’s Southern Province, bringing new investment and infrastructure to one of the country’s key regions. Once operations, the plant will feed clean energy into the national grid, complementing the existing thermal power, and contributing to Zambia’s goal of diversifying its energy mix. Maamba Solar Energy Director Ashwin Devineni stated that “This 100MW solar project is a critical step in diversifying Zambia’s energy mix and supporting the government’s ambition to add 1,000 MW of solar capacity to the national grid.”

In other energy news, Terra Metals Inc., in partnership with the Investment Bank of Africa (IBA) and Nalolo Solar Power Energy Company (NASPEC), has advanced the Nalolo Solar Project, highlighting the rising influence of private-sector partnerships in shaping Zambia’s clean energy future. Brian Chisala, Executive Director of Terra Metals Inc., stated, “We are thrilled to announce this strategic partnership, which represents a major step forward for the Nalolo and Lukulu Solar Projects.” The project is set to generate measurable socio-economic impact for Zamba, creating both construction-phase and long-term jobs while boosting demand for local suppliers and businesses

ZESCO Limited has introduced a 10-hour daily power supply in 21 high-density townships, including Wusakile, Kankoyo, Chibolya, Kanyama, and Chawama, to mitigate the effects of load shedding. The initiative is being rolled out in phases, with more areas set to benefit as additional power sources become available. Energy Minister Makozo Chukote noted that the move prioritises communities whose livelihoods rely on electricity, aiming to support households and small businesses as the government works toward lasting energy solutions. 

Trade

Zambia and Zimbabwe have strengthened bilateral cooperation by signing two memoranda of understanding (MoU), including a creation of a binational commission for regular dialogue and collaboration on the ZIZOP petroleum and natural gas pipeline to post energy security. The MoU, agreed during the mid-term review of the Joint Permanent Commission of Cooperation in Harare, also focuses on private sector development, simplified cross-border trade, enhanced electricity transmission, and improved transport connectivity. 

Meanwhile, Zambia hosted the regional workshop Towards an Accelerated Implementation of the African Continental Free Trade Area (AfCFTA) Agreement in Africa in Lusaka, with participation from Comoros, Djibouti, and Senegal. Organised under the UN Economic Commission for Africa (ECA) and UNCTAD Development Account project, the event provided a platform for dialogue on fast-tracking AfCFTA implementation and reviewed country-specific studies on its potential to boost investment and regional chains. Particular focus was placed on empowering women entrepreneurs, supporting SMEs, and tackling barriers to inclusive trade so that AfCFTA’s benefits reach broader segments of society. 

Zambia and Tanzania have reinforced their commitment to boosting regional trade by tackling non-tariff and technical barriers that hinder cross-border commerce. During a bilateral meeting, both countries reported progress on key initiatives, including improvements at the Tunduma border, operationalisation of Nakonde and Kasese/Zombe One-Stop Border Posts, and upgrades to the TAZARA railway and road infrastructure. The two governments pledged to implement joint decisions and reaffirmed their shared goal of deepening economic integration under the AfCFTA framework. 

Investment Landscape

Earlier this month, ZamStats (Zambia Statistics Agency) reported a significant turnaround in Zambia’s trade balance, recording a surplus of K1.4 billion in July 2025 after a K5.3 billion deficit in June. Exports rose nearly 23% to K26.6 billion, driven by strong growth in capital goods, consumer goods, and intermediate goods. Road transport remained the primary export channel, accounting for 94% of export value, while cumulative trade from January to July reached K376.1 billion, a 19.7% increase compared to the same period in 2024.

Zambia’s tax revenue has reached a historic 16% of GDP, reflecting strong fiscal policies and improved tax administration. The increase strengthens economic stability, supports sustainable development funding, reduces reliance on external aid, and provides businesses with a more predictable environment for long-term planning.

Zambia’s inflation eased for a third straight month, falling to 12.3% in September from 12.6% in August, its lowest level in nearly two years. The decline has been driven largely by a stronger Kwacha, which has lowered import costs and helped moderate price. Economists see room for potential monetary policy adjustments, including a possible interest rate cut in November. 

In other investment news, Zambia’s stock market surged ahead of global peers in August, with the Lusaka Securities Exchange (LuSE) All Share Index rising 14.3%, fuelled by strong copper performance and renewed investor confidence. Year-to-date, LuSE has gained nearly 56% in kwacha terms and 84% in dollar terms, making it one of the top-performing markets globally. Leading the rally is Copperbelt Energy Corporation Plc, whose stock has risen over 75% this year, surpassing a $1 billion valuation. 

Do you have a news story you would like included in the next briefing? Click here to email us.

LATEST TRENDS

Currency

1 USD = 23.88 ZMW

30-day average = 23.74 ZMW

Volatility (last 30 days) = 0.54%

LONG READS

Zambia’s Copper Opportunity: Can the Workforce Keep Up? – (World Bank Group, 10.09.2025)

Kwacha Rally DrivesZambia Inflation to 24-Month-Low –(Bloomberg, 25.09.2025)

UPCOMING EVENTS

1-3 October — African Mining Week — Cape Town, SA

6-10 October — Zambia Mining and Investment Insaka — Lusaka, Zambia

14-15 October — AFSIC - Investing in Africa — London, UK

14 October — Africa Technology Summit — London UK

21-22 October — FT Africa Summit — London, UK

24-25 October — Africa Business and Investment Forum — London, UK

CONTACT US

If you would like to find out more, receive tailored briefings on specific sectors, or send news stories to be included in the next briefing get in touch via info@zambiaisback.com. To stay up to date follow us on social media:

Zambia Investor Briefing August

▶️ WATCH: Choolwe Chibomba and a powerhouse panel discuss how Zambian Mining Can Power the Green Energy Revolution LIVE at the Invest Zambia International Conference (IZIC) this month

OVERVIEW

⛏️ MINING: Zambian President Hakainde Hichilema officiated the commissioning of First Quantum Minerals’ $1.25 billion S3 Expansion at Kansanshi. First Quantum Minerals secured a $1 billion gold streaming deal with a subsidiary of Royal Gold. Following the $1 billion gold-streaming deal easing balance sheet pressures, First Quantum Minerals has shelved plans to sell minority stakes in its Zambian copper mines. Jubilee Metals Group has provided an update on its Zambian copper portfolio. Turkish firm ALP24 has recently launched energy and mining projects across Africa, including in Zambia.

⚡️ ENERGY: Zambia has launched a new Solar Electrification and DRIVE Initiative project. ZESCO Limited has established a $300 million joint venture with Anzana Electric Group to deliver first-time grid connections for nearly two million Zambians along the Lobito Corridor by 2030. The World Bank Board of Executive Directors approved a $200 million International Development Association grant. Zambia has broken ground on a 100MW Solar PV project in the country’s Eastern Province.

💰 TRADE: Zambia and Qatar have signed a Memorandum of Understanding (MoU) covering 11 areas of cooperation across various sectors, valued at US $19 billion. The Zambian government approved the export of 501,620.5 Mt of surplus maize grain and mealie meal. Zambia is set to sign a concession agreement with TAZARA for the development of the Lobito Corridor, aiming to facilitate trade and promote regional integration. The implementation of a comprehensive zero-tariff policy covering all tariff lines has significantly boosted bilateral trade between China and Zambia.

📈 INVESTMENT LANDSCAPE: ZCCM Investment Holdings (ZCCM-IH) has handed over a K91 million dividend to the Ministry of Finance and National Planning. Bloomberg’s updated economic outlook in August 2025 has projected Zambia as Africa’s fastest-growing economy. Zambia’s public debt-to-GDP ratio is projected to decline to approximately 91.1% by December 2025, the first time in seven years. President Hakainde Hichilema’s state visit to Egypt in February has delivered significant results, with private investors pledging close to $500 million. The Zambia Investment & Innovation Roadshow 2025 is currently underway. Zambia’s inflation has slowed to a two-year low.

A CLOSER LOOK

Mining Developments

Zambian President Hakainde Hichilema officiated the commissioning of First Quantum Minerals’ $1.25 billion S3 Expansion at Kansanshi. The project extends the mine’s life to the 2040s and is set to double the ore processing capacity from 28 million to 53 million tonnes a year. FQM has set an annual target of 450,000 to 500,000 tonnes of copper annually.  Key upgrades include a new processing plant, pit and fleet expansion, and a $115 million smelter upgrade. The project created 1,800 construction jobs and is anticipated to create an additional 800 permanent jobs, with 430 Zambian-owned companies involved. President Hichilema described the project as proof of the private sector's confidence in Zambia’s economic trajectory.  

Earlier this month, First Quantum Minerals secured a $1billion gold streaming deal with a subsidiary of Royal Gold. The agreement provides upfront funding in exchange for a share of future gold production from the Kansanshi copper mine in Zambia. The deal boosts First Quantum’s financial flexibility and supports the $1.25 billion S3 Kansanshi expansion, representing a significant vote of confidence in Zambia’s mining sector and a step forward in the country’s goal of producing 3 million tonnes of copper annually by 2031.

Following the $1 billion gold-streaming deal easing balance sheet pressures, First Quantum Minerals has shelved plans to sell minority stakes in its Zambian copper mines.  Last year, the company considered divesting minority interests in its Kansanshi and Sentinel operations, following the 2023 shutdown of its Panama Mine. CEO Tristan Pascall stated that the deal to sell part of Kansanshi’s gold output to Royal Gold has reduced the need to divest. “While we’re definitely open to partnerships and we continue to look at that, we are not looking for a transaction in Zambia.” The August 19 commissioning of the $1.25 billion Kansanshi expansion is set to restore positive cash flow from the Zambian operations. 

In other mining news, Jubilee Metals Group has provided an update on its Zambian copper portfolio, highlighting progress in its integrated mine-to-mine production strategy. The Sable refinery, supported by the Munkoyo open pit and Project G, is being developed as the primary copper feed for cathode production, with drilling underway to explore combining multiple pits into a large-scale operation. The upgraded Road concentrator ramped up successfully, and Jubilee is also advancing its rights to the 240 Mt Large Waste Tailings dump, prioritising resources and monetising non-core stockpiles worth approximately $18 million.

Turkish firm ALP24 has recently launched energy and mining projects across Africa, including in Zambia, as they try to balance domestic supply security with efforts to expand international energy and mining partnerships. In Zambia, the ALP24 is investing in copper and cobalt projects, both of which are critical for electric vehicle technologies and the global energy transition. The projects are also designed to generate social benefits through technology transfer, environmental sustainability, and local job creation. 

Energy

Zambia has launched a new Solar Electrification and DRIVE Initiative project, backed by an initial investment of $5 million, to bring clean and reliable energy to 250 facilities across all ten provinces. Once completed, the initiative will benefit more than 1.3 million people in Zambia, particularly in rural and underfed areas. In addition, this project is also providing 200 motorbikes to strengthen outreach and vaccine delivery, whilst also creating local jobs. 

ZESCO Limited has established a $300 million joint venture with Anzana Electric Group to deliver first-time grid connections for nearly two million Zambians along the Lobito Corridor by 2030. The corridor is planned as a key infrastructure and transit route for exporting critical minerals and other goods from Central Africa to global markets. The partnership will expand electricity generation, including run-of-river hydropower, and focus on rural distribution. Under the agreement, Anzana will lead a pilot project in Zambia’s North-Western Province, aiming to accelerate initial connections by 2026. Anzana and other development partners will jointly invest $50 million to enable around 40,000 new households and business connections and add up to eight megawatts of new generation over the course of two years. 

Earlier this month, the World Bank Board of Executive Directors approved a $200 million International Development Association grant for the 13th phase of the Accelerating Sustainable and Clean Energy Access Transformation (ASCENT) Programme. The Programme is set to provide reliable and sustainable energy services to more than one million beneficiaries in Zambia within the next five years. The ASCENT Zambia project not only focuses on connecting Zambians living in remote and underserved communities, but it also aims to supply reliable and affordable power to businesses and industries in Zambia, which will, in turn, serve to support economic growth and job creation. 

In other energy news, Zambia has broken ground on a 100MW Solar PV project in the country’s Eastern Province, marking another step forward towards fulfilling the country’s 1,000MW solar power target. The project is being developed in Chipata West, part of Chief Chinyaku’s chiefdom, and is expected to be completed within 12 months. “It is expected to provide locally generated clean energy within this part of the national grid, serving the rural communities in Eastern Province and create employment, skills transfer, boost commercial activities and trade in area and contribute to environmental sustainability through carbon emissions reduction,” the energy utility said.

Trade

Zambia and Qatar have signed a Memorandum of Understanding (MoU) covering 11 areas of cooperation across various sectors, valued at US $19 billion. The agreement spans energy and oil, banking and finance, housing and urban development, agriculture and food security, mining and minerals, logistics and infrastructure, as well as telecommunications, health, education, tourism, and industrial development. President Hichilema welcomed the agreement, noting that bilateral relations with Qatar had been formalised through this comprehensive agreement.

Meanwhile, the Zambian government approved the export of 501,620.5 Mt of surplus maize grain and mealie meal. In the 2024-2025 season, Zambia produced around 3.7 million Mt of maize grain, with 385,000 Mt carried over from the previous season, totalling 4.04 million Mt, exceeding the national requirements. Due to this surplus, the cabinet approved exports, which are expected to benefit local transporters, provide liquidity in the maize value chain, and encourage farmers to expand production.

Zambia is set to sign a concession agreement with TAZARA for the development of the Lobito Corridor to facilitate trade and promote regional integration. This agreement is to be completed under the Public Private Partnership (PPP). The concession agreement to develop the Lobito Corridor reflects wider African efforts to promote greater economic integration and closer regional ties to support continued development. 

The implementation of a comprehensive zero-tariff policy covering all tariff lines has significantly boosted bilateral trade between China and Zambia. Chinese Ambassador to Zambia, Han Jing, stated that trade volumes between the two countries reached $3.56 billion in the first half of 2025, representing a 15.5% year-on-year increase. Speaking at the eighth Council Inaugural Ceremony of the Association of Chinese Corporations in Zambia on 25 August, Han said that the elevation of bilateral relations to a comprehensive strategic and cooperative partnership has strengthened mutual trust and yielded benefits from cooperation. 

Investment Landscape

ZCCM Investment Holdings (ZCCM-IH) has handed over a K91 million dividend to the Ministry of Finance and National Planning, marking a 50 million kwacha increase from last year’s K41 million payout. Speaking at the handover ceremony in Lusaka, Finance Minister Situmbeko Musokotwane commended the company for delivering strong returns despite past challenges in the mining sector. He described mining as the “cornerstone and drive of the country’s economic growth.” 

Bloomberg’s updated economic outlook in August 2025 has projected Zambia as Africa’s fastest-growing economy, with anticipated growth of over 6 percent – the highest since 2018 when the economy expanded at 4 percent. The forecast, presented as a follow-up at the Africa Business Media Innovators Summit 2025 in Livingstone, underscores Zambia’s remarkable financial turnaround following the landmark debt restructuring milestone of June 2024, which sparked renewed investor confidence and strong bond market performance.

Earlier this month, it was reported that Zambia’s public debt-to-GDP ratio is projected to decline to approximately 91.1% by December 2025. This marks the first time in over seven years the ratio has fallen below the 100 percent threshold. The latest IMF Country Report on Zambia forecasts a continued downward trajectory, with an expected drop to 69.9 percent by 2027. Dr Musokotwane stated, “A declining debt-to-GDP ratio is a critical indicator that the economy is growing faster than the debt burden, reducing the risk of debt distress.” Reduced public debt levels are expected to provide greater fiscal flexibility, enabling increased government investment in key sectors such as infrastructure, health, education, and social protection. 

President Hakainde Hichilema’s state visit to Egypt in February has delivered significant results, with private investors pledging close to $500 million for energy and infrastructure projects, the government announced. Foreign Affairs Minister Mulambo Haimbe told parliament that the visit had been “fruitful, and Zambians can expect meaningful progress in agriculture, tourism, infrastructure, and energy.” The foundation of the investment package involves the construction of 200-megawatt solar plants in Kafue and Mongu, with operations expected to begin by 2026. 

In other investment news, the Zambia Investment & Innovation Roadshow 2025 is currently underway. The strategic initiative is designed to enhance bilateral relations between Zambia and key US states, including California, Texas, and Georgia. The high-level tour aims to foster sustainable partnerships across various sectors, including technology, agriculture, energy, education, and finance. By facilitating direct investment opportunities and showcasing Zambian innovation, the Roadshow aims to promote knowledge exchange and capacity building.

Zambia’s inflation has slowed to a two-year low, easing to 12.6 percent in August from 13 percent in July, supported by a stronger kwacha that has gained 19 percent against the dollar on higher copper prices. Food inflation fell to 14.9 percent while non-food slowed to 9.3 percent, with prices rising 0.5 percent month-on-month. The easing trend has created the largest gap in six years between inflation and the central bank’s policy rate, raising expectations that the Bank of Zambia could cut rates in November.

Do you have a news story you would like included in the next briefing? Click here to email us.

LATEST TRENDS

Currency

1 USD = 23.65 ZMW

30-day average = 23.22 ZMW

Volatility (last 30 days) = 0.38%

LONG READS

Exploring How Zambia Can Leverage Energy Transition Minerals (ETM) for Economic Transformation - (World Bank Group, 12.08.25)

Zambia’s economy gets to a level it has not experienced in two years – (Business Insider, 28.08.25)

UPCOMING EVENTS

9-23 September — UNGA 80 — New York, US

24 September — African Investment Forum — London, UK

25-26 September — International Construction Technology Fair — London, UK

CONTACT US

If you would like to find out more, receive tailored briefings on specific sectors, or send news stories to be included in the next briefing get in touch via info@zambiaisback.com. To stay up to date follow us on social media:

A Fair Deal for Farmers: How E-Vouchers Are Revolutionising Zambia’s Agriculture Sector

For over a decade, Zambia’s Farmer Input Support Programme (FISP) has stood at the centre of government policy to assist smallholder farmers. Yet for much of this time, the system was plagued by inefficiencies, poor targeting, and high costs. The New Dawn government’s decision to fully adopt the electronic voucher (e-Voucher) system has marked a turning point, making FISP more transparent and accountable to farmers’ needs.  

Under the old Direct Input Supply (DIS) model, farmers were given fixed packs of fertiliser and seeds, often delivered late and distributed through centralised depots. This left them with little choice over what to plant and often forced them to travel long distances to collect inputs. In addition, many beneficiaries were not genuine smallholders, fostering resentment among rural farmers and allowing undeserving recipients to benefit year after year.

Following his election in 2021, President Hichilema Hakainde pledged to reform FISP to make it more inclusive, efficient, and sustainable. A central achievement has been the expansion of the e-Voucher system, which allows farmers to redeem government subsidies at registered agro-dealers of their choice.

This progressive policy reform has revolutionised Zambia’s agricultural sector, underpinning President Hichilema’s central mission of completely revamping Zambia’s economy.

Sowing Seeds of Success

The new e-Voucher system was rolled out in 74 districts in the 2024-2025 farming season, and the 2025-2026 farming season will be the first in which all 116 districts use the e-Voucher exclusively. Early signs are encouraging with a forthcoming Ministry of Agriculture report set to show that 81% of surveyed farmers were satisfied with the e-Voucher process, while 96% expressed a desire to continue using it.

This satisfaction is strongly linked to improved yields. Compared to previous seasons, 96% of farmers reported high crop output, a key driver of household food security and rural prosperity.

Timely distribution through the e-Voucher system lowers expenses for farmers and strengthens rural productivity.

One beneficiary, Zacchaeus Saleh Mwale, resident of Giddly Farm Plot, said that in the 2023-2024 season his family harvested fewer than 30 bags of maize. “This time around” he said, “we are close to one hundred bags…At household level, we have food security, and above all we are able to support our grandchildren.”

Crucially, the e-Voucher system has lowered costs significantly for farmers. According to the ministry’s report, farmers on e-Vouchers saved on average K440 per fertiliser input pack compared DIS prices. By creating a market with more competitive prices, Zambian farmers have collectively saved K325.4 million in the 2024-2025 season. These savings have allowed households to reinvest inputs, diversify production, and strengthen long-term farm productivity.

Jobs, Jobs, Jobs

The expanded e-voucher system has also been responsible for job creation on the distribution side – a key tenet of President Hichilema’s 2021 election campaign. The ministry’s report indicates that 86% of agro-dealers hired additional staff last season because of their participation in FISP.  

Jane Luhanga, Director of Bejack Farmers’ Friend in Kapiri Mpohsi, said her business has grown rapidly. “Following the introduction of the E-voucher recently, we initially only had six workers but now we have expanded to 16 employer’s font. We have around five outlets in Kapiri Mposhi and have extended our reach as far as Mkushi and Mpongwe Districts, bringing our total workforce to 24.”

For many agro-dealers, the e-Voucher has expanded opportunities to serve rural communities while creating attractive jobs in distribution and retail.

Well-supplied agro-dealer stores are helping farmers access the inputs they need when they need them.

The restructuring of FISP is more than just an administrative reform. It represents a boarder effort to empower smallholder farmers and pursue Zambia’s agricultural potential. By ensuring that subsidies reach genuine beneficiaries, reducing costs, and driving productivity, the government has laid a stronger foundation for rural prosperity.

As the e-Voucher rolls out nationwide in the 2025-2026 season, it reflects President Hakainde Hichilema’s pledge to make agriculture a driver of inclusive growth and national development. With consistency in policy and delivery, the programme is set to secure a more prosperous future for Zambia as a whole.

Zambia will export $200 million worth of beef in September

Zambia will export an estimated 20,000 tonnes of beef in September, generating $200 million in revenue, according to Fisheries and Livestock Minister Peter Kapala.

Speaking in an interview with Phoenix News, Mr Kapala said the export drive is part of the New Dawn government’s overall strategy for establishing a $1 billion beef industry in Zambia.

He explained that the government is looking to leverage Zambia’s vast agricultural potential to create a more resilient and prosperous economy, as well as to diversify the country’s economic output beyond just mining.

He added that in order to ensure the long-term success of Zambia’s beef industry, government is investing heavily in disease prevention, including cattle vaccination and digital tracking.

President Hichilema, himself a successful cattle rancher, has made livestock expansion a priority for growing and diversifying Zambia’s rural economy.

Since taking office in 2021, President Hichilema has made increasing Zambia’s livestock population a major priority. In 2022, the cattle population stood at 4.9 million – by 2023 this had increased to 5.1 million.

Since 2024, Zambia’s livestock population is growing at a rate of 8.2% per year, putting the country well on track to reach its target of 7 million animals by 2027.

The greatest increases have come in Southern Province, which now accounts for 41.6% of the national cattle population. Eastern Province comes second with 19.8% of national stocks, followed by Central Province on 14.6%.  

Four Years of Economic Transformation: Reflecting on President Hichilema’s First Term

Sunday marks four years since President Hakainde Hichilema was sworn into office, following a landslide election victory built on the promise of economic transformation and improved opportunities for Zambians.

His leadership has brought great progress in restoring fiscal stability; most notably through securing crucial IMF funding and achieving landmark debt restructuring agreements. The New Dawn government has also made great strides in revitalising key sectors by rebuilding investor confidence and implementing bold anti-corruption measures. These achievements mark a defining moment for Zambia, where sound economic management, strategic reforms, and renewed international credibility intersect to create a foundation for sustained prosperity.

As we enter the final year of President Hichilema’s first term, Zambia Is Back examines the key reforms and policies that have repositioned the country as one of Africa's most promising investment destinations.

A Reset That Changed Everything

When President Hichilema took office, Zambia faced a daunting economic landscape. The country had defaulted on its foreign debts, inflation was soaring, businesses were struggling to access foreign currency, and international investors had lost confidence in the country's ability to manage its finances.

Today, Zambiahas not only navigated out of its debt crisis but has positioned itself as one of Africa's most promising investment destinations. The breakthrough came with securing a $1.3 billion extended credit facility from the International Monetary Fund (IMF) in August 2022, later increased to $1.7 billion in June 2024. This wasn't just about the money - it was about proving to the world that Zambia was serious about getting its finances back on track.

By resetting the relationship with foreign creditors, President Hichilema has massively alleviated Zambia’s debt burden.

Even more significant was successfully renegotiating the country's debt burden. The government reached landmark agreements with both private lenders and other countries between March and June 2024, dramatically reducing what the country owed and freeing up resources for development.

This improved the country's reputation among international investors and allowed previously stalled infrastructure projects to move forward again. Latest estimates from the Zambia Development Agency show that $86.2 billion worth of investments have been secured since President Hichilema took office, with $12.2 billion of this already actualised.

Taking the Fight to Corruption

One of President Hichilema's first priorities was tackling the corruption that had plagued previous administrations. He understood that without clean governance, economic growth would remain elusive.

His approach was systematic and decisive. He replaced politically compromised leaders with respected professionals across key institutions: the judiciary, the Anti-Corruption Commission, the Drug Enforcement Commission, and the police. For example, he appointed Musa Mwenye, a former Attorney General known for his integrity, to chair the Anti-Corruption Commission, while Chief Justice Mumba Malila was promoted to head the judiciary.

The health sector received special attention after U.S. authorities uncovered systematic theft of medical supplies. The government launched a thorough investigation, removed implicated officials, and completely restructured medicine distribution by introducing digital tracking systems and establishing a National Drug Task Force to prevent future theft.

In 2024, President Hichilema launched a comprehensive National Anti-Corruption Policy, demonstrating his government's long-term commitment to clean governance and calling on international partners to help recover stolen assets.

The results speak for themselves: Zambia’s score in Transparency International’s renowned Corruption Perception Index has improved every year since 2022.

Mining Sector: From Stalemate to Renaissance

Perhaps nowhere has President Hichilema's impact been more visible than in the crucial copper mining industry, which forms the backbone of the national economy. The government's strategy was simple but effective: provide clear, fair tax rules while actively encouraging investment.

A key change came in the 2022 budget when the government allowed mining companies to deduct mineral royalties from their corporate income tax, bringing Zambia in line with international standards and making mining projects much more profitable. This technical change sent a powerful message that the nation was open for business.

Zambia’s mining sector has been revitalised by President Hichilema’s pro-enterprise policy environment.

The results were immediate and dramatic. Mopani Copper Mines got a new lease on life when Abu Dhabi's IRH bought a 51% stake and committed over $1.1 billion in investment. The deal, completed in March 2024, immediately brought fresh money and expertise to restart operations. Similarly, the long-running dispute at Konkola Copper Mines with Vedanta was resolved, with the Indian company clearing approximately $246 million in outstanding debts and committing to major reinvestment.

The numbers tell the success story: copper production jumped by an impressive 12% in 2024 to approximately 821,000 tonnes, up from 733,000 tonnes in 2023. This growth happened despite severe power shortages caused by drought, making the achievement even more remarkable.

Energy Sector: Building Resilience Through Diversification

Recognising that reliable electricity is essential for economic growth, President Hichilema's administration launched an ambitious energy transformation focused on reducing Zambia's dependence on hydroelectric power.

The centrepiece of this strategy is the Masdar-ZESCO partnership, signed in January 2023, which will develop approximately 2,000 MW of solar power. Several projects are already making a difference: the 60 MW CEC Itimpi project came online in 2024, while the 100 MW Chisamba facility was inaugurated in June 2025. Looking ahead, SkyPower's planned 1,000 MW project promises to support millions of new electricity connections.

Even during the challenging 2024-25 drought that severely affected the Kariba hydroelectric complex, the government's crisis management kept the mines running while accelerating the shift to renewable energy.

The 100MW Chisamba solar plant is one of the largest in Africa, turbo-charging Zambia’s mining sector.

A Bright Future Ahead

As we celebrate President Hichilema's fourth anniversary, the transformation is undeniable. Zambia has moved from being a country struggling with debt and economic stagnation to one with restored international credibility, growing production, and expanding investment opportunities.

GDP growth for 2025 is now predicted to exceed 6% - making Zambia the fastest growing economy in Africa.

The formula has been remarkably effective: restore trust through sound financial management, provide clarity through investor-friendly policies, and build capacity through strategic infrastructure investments. With copper demand expected to surge as the world transitions to electric vehicles and renewable energy, Zambia is perfectly positioned to benefit.

Four years ago, Zambia's economic future looked uncertain. Today, thanks to President Hichilema's bold leadership and practical reforms, the country is ready to write the next chapter of its success story.

Zambia Investor Briefing July

▶️ WATCH: Choolwe Chibomba and a powerhouse panel discuss how Zambian Mining Can Power the Green Energy Revolution LIVE at the Invest Zambia International Conference (IZIC) this month

OVERVIEW

⛏️ MINING: At the Invest in Zambia International Conference in Lusaka, President Hichilema announced that the country is on track to reach one million tonnes of copper production this year.  Vedanta Resources has started an ambitious $400 million renovation of Konkola Copper Mines’ smelter in the Copperbelt. The Zambian Ministry of Mines and Minerals Development, with the British Geological Survey, launched the Critical minerals potential of Zambia. China has dispatched a fleet of 31 pure‑electric mining trucks for a copper project in Zambia. India has sent a team of geologists to survey a 9,000 km² exploration zone in Zambia focused on cobalt and copper.

⚡️ ENERGY: At the start of the month, the Energy Regulation Board (ERB) announced significant reductions across all fuel types. Zambia’s state-owned Industrial Development Corporation (IDC) signed a memorandum of understanding with Fujian Xiang Xin Corp. to develop an $1.1 billion oil refinery that will process about 60,000 barrels a day. ZESCO, in collaboration with First Quantum Minerals, Barrick, ADC, and Zutari, has launched a 330 kV network upgrade across North‑Western Province. ZESCO has also signed a 25-year power purchase agreement (PPA) with Lufubu Power Company to procure 163 MW of baseload hydropower.

📈 INVESTMENT LANDSCAPE: The inaugural Invest Zambia International Conference (IZIC) convened nearly 2,000 delegates, including government officials, investors, industry leaders, diplomats, and development partners. A report by the World Bank echoed the favourable economic outlook forecast by Finance and National Planning Minister Situmbeko Musokotwana in June. The Government collected K70.3 billion in tax revenue during the first six months of 2025, surpassing its target of K67.4 billion by K2.9 billion. The International Monetary Fund (IMF) announced plans to immediately disburse $184 million to Zambia. President Hakainde Hichilema officially launched Growth Investment Partners (GIP) Zambia, an initiative designed to channel more than $300 million into up to 150 Zambian small and medium-sized enterprises (SMEs).

A CLOSER LOOK

Mining Developments

At the Invest in Zambia International Conference in Lusaka, President Hichilema announced that the country is on track to reach one million tonnes of copper production this year, in line with the new dawn government's goal of three million tonnes by 2030. The President noted the country’s renewed mining momentum driven by reforms aimed at unlocking dormant assets and attracting large-scale investment. Key among these efforts has been the reopening of previously inactive sites, including Kalengwa and Shaft 28 at Luanshya. President Hichilema also highlighted Zambia’s stable legal environment, which he said guaranteed the safety and protection of investors and businesses.

Vedanta Resources has started an ambitious $400 million renovation of Konkola Copper Mines’ smelter in the Copperbelt, following its mid‑2024 return to operational control. Funds include $250 million for debt repayment, $124 million in instalment payments and $26 million toward underground operations and community development. The overhaul, which will focus on foundation reinforcement, refractory lining replacement, furnace modernisation, and emissions controls, aims to lift annual smelter output from under 30,000 tonnes today to 300,000 tonnes by the early 2030s, closing a 270,000-tonne production gap.

In other mining news, the Zambian Ministry of Mines and Minerals Development, with the British Geological Survey, launched Critical minerals potential of Zambia, an online guide funded by the UK’s FCDO and BGS’s International Geoscience Research and Development programme. The report profiles eleven priority minerals and gives geology, production and exploration insights. Clive Mitchell, the project leader, said, “The lithium, graphite, cobalt and other critical mineral resources of Zambia are sorely needed to decarbonise global power generation and storage.” The publication provides valuable information for investors, policymakers and researchers.

China has dispatched a fleet of 31 pure‑electric mining trucks from Breton Technology to an African branch of the 15th Metallurgical Construction Group for a copper project in Zambia. The trucks are slated to arrive in Durban after a 20–25-day voyage as part of a zero-carbon “mining robot system” that includes autonomous driving and clean-energy solutions. This deployment is a flagship element of China’s $5 billion commitment to enhance Zambia’s mining sector through to 2031. "The overseas cooperation [is] the first large-scale deployment of electric mining trucks at one go to a mining project in Africa. It will help further upgrade the local mining equipment", said Li Wenjie, the chairman of China’s 15th Metallurgical Construction Group's construction trade company in Africa.

India has sent a team of geologists to survey a 9,000 km squared exploration zone in Zambia focused on cobalt and copper. Over a two to three-year program, the team will map cobalt deposits - vital for electric-vehicle and battery production - and copper reserves used in power generation and electronics. The initiative follows an exclusive exploration agreement granted to India and is supported by partnerships with KABIL and private sector investors. Upon completing the survey, the government plans to apply for mining leases and forge downstream processing ventures. 

Energy

Meanwhile, Zambia’s state-owned IDC signed a memorandum of understanding with Fujian Xiang Xin Corp. to develop an $1.1 billion oil refinery that will process about 60,000 barrels a day. The planned facility, set to be located in Ndola in the Copperbelt province, will have the capacity to process up to 3 million tonnes of crude oil annually. The refinery will also feature a 130-megawatt power generation plant, with 100 megawatts of electricity to be fed into the national grid, contributing to Zambia’s energy security. The project is expected to generate approximately 2,200 jobs across civil works, mechanical and electrical installations, and logistics. Once operational, the complex is set to sustain about 600 direct jobs and more than 2,000 indirect roles in operations, supply chain services, maintenance, and support functions.

ZESCO, in collaboration with First Quantum Minerals, Barrick, ADC, and Zutari, has launched a 330 kV network upgrade across North‑Western Province to support the Kansanshi S3 and Lumwana Superpit expansions. In Phase 1, FQM is funding and installing two STATCOM units in Solwezi and Kalumbila to manage voltage fluctuations and secure grid stability. Phase 2, which is subject to final engineering and environmental approvals, will upgrade the main transmission corridors. Upon completion, the project is expected to deliver enhanced voltage regulation, boost transfer capacity, and facilitate greater integration of renewable energy.

ZESCO has also signed a 25-year power purchase agreement with Lufubu Power Company to procure 163 MW of baseload hydropower from a new plant in the Lufubu River in northern Zambia. The facility could be expanded in line with future demand and is expected to contribute approximately 5% of Zambia’s total installed capacity once operational. The project is intended to improve grid stability by reducing reliance on southern hydropower assets. “By leveraging the northern circuit’s untapped hydropower potential, we are future-proofing our grid against climate variability and aligning with Zambia’s broader ambitions to position itself as a regional hydropower exporter,” says ZESCO’s MD Justin Loongo.

Investment Landscape

The inaugural Invest Zambia International Conference wrapped up on Friday, 18. The conference convened nearly 2,000 delegates, including government officials, investors, industry leaders, diplomats, and development partners, to explore opportunities across energy, mining, agriculture, tourism, manufacturing, technology, and infrastructure. The conference, hosted by the Zambia Development Agency, generated over $3.0 billion in Memorandum of Understanding agreements, with more than 63 exhibitors showcasing investment-ready projects, while panel discussions and one-on-one meetings fostered strategic partnerships.

Earlier this month, a report by the World Bank echoed the favourable economic outlook forecast by Finance and National Planning Minister Situmbeko Musokotwana in June. The Zambia Economic Outlook Report predicts an increase in Real GDP by 5.8% and with an average growth rate of 6.5% for the years 2026 and 2027. “We must maintain the policy trajectory that has caused this to happen, of assuring that the budget is managed in a sustainable manner,” said the finance minister of the Report.

The Government collected K70.3 billion in tax revenue during the first six months of 2025, surpassing its target of K67.4 billion by K2.9 billion, according to the 2026–2028 Medium Term Budget Plan (MTBP). The overperformance in tax revenue was driven by stronger-than-expected returns across most tax categories. Total domestic revenues still reached K88 billion, aligning closely with government projections and demonstrating the resilience of the domestic tax collection even amid economic pressures.

At the same time, the International Monetary Fund announced plans to immediately disburse $184 million to Zambia, after the country agreed to expedite reforms to boost economic growth and collect more taxes. The disbursement brings the total received from the nation's 38-month IMF programme to $1.55 billion. The inflows from the IMF will support the kwacha and the nation’s recovery from a painful years-long debt restructuring that’s still to conclude and a once-in-a-generation drought.

President Hakainde Hichilema officially launched Growth Investment Partners Zambia, an initiative designed to channel more than $300 million into up to 150 Zambian SMEs over the next 15 years. The investment platform will be a partnership between Britain and Sweden’s development-finance arms and the Zambian National Pension Scheme Authority. “Zambia’s SME sector holds immense potential to drive inclusive growth and create jobs, but the right kind of capital remains elusive,” British International Investments Chief Executive Officer Leslie Maasdorp said. SMEs generate more than 70% of Zambia’s gross domestic product and 88% of employment.

Do you have a news story you would like included in the next briefing? Click here to email us.

LATEST TRENDS

Currency

1 USD = 23.00 ZMW

30-day average = 25.60 ZMW

Volatility (last 30 days) = 1.00%

LONG READS

Zambia’s first critical minerals guide supports the country’s potential in global clean energy transition - (BGS, 18.07.25)

Zambia's Long Term Fiscal Stabilisation Will Support Investment, But Risks Abound – (Fitch Ratings, 24.07.25)

UPCOMING EVENTS

11 August — World Conference on Financial Accounting — Kitwe, Zambia

CONTACT US

If you would like to find out more, receive tailored briefings on specific sectors, or send news stories to be included in the next briefing get in touch via info@zambiaisback.com. To stay up to date follow us on social media:

Zambia Investor Briefing June

INVEST ZAMBIA INTERNATIONAL CONFERENCE (16 - 18 JULY) - BACKCHAT LIVE PANEL ANNOUNCED

Join us at the Invest Zambia International Conference on 17 July for a special live recording of BackChat!

Host Choolwe Chibomba and a panel of public and private sector experts, including:

Kakenenwa Muyangwa: CEO of ZCCM-IH,

Chipokota Mwanawasa: Chief Advisor to the President of Zambia,

Wezi Gondwe: Managing Director of Africa Greenco,

Jonny Velloza: CEO of Kobaloni Energu,

Kathutshelo Mapasa: Head of Africa at Appian Capital Advisory

Choolwe and the panel will be discussing 'How Can Zambian Mining Power the Green Energy Revolution?'

Get your tickets now at http://zda.org.zm/izic and join our live audience for a chance to participate in the Q&A.

OVERVIEW

⛏️ MINING: First Quantum Minerals (FQM) contributed over $2.6 billion to Zambia’s economy in 2024 through its operations at the Trident and Kansanshi mines. All mines in the Copperbelt are reporting increased production, according to Elisha Matambo, Minister of Copperbelt Province. Meanwhile, President Hichilema officiated the unveiling of JCHX Mining, a Chinese-based mining services firm, as the new strategic investor in Lubambe Copper Mines.

⚡️ ENERGY: Zambia’s Energy Regulation Board (ERB) announced further reductions in fuel pump prices. The Copperbelt Energy Corporation (CEC) has made history as the first company listed on the Lusaka Securities Exchange (LuSE) to achieve a market capitalisation of over $1 billion. The Sustainable Energy Fund for Africa (SEFA) has committed $8 million toward a $26.5 million financing package to support the 32 MWp Ilute Solar Project. Globeleq has entered Zambia’s energy market, acquiring a 51% stake in Lunsemfwa Hydro Power Company (LHPC) from Norfund.

🚚 TRADE: In a concerted effort to diversify Zambia’s economy, President Hichilema’s government is in discussions with carmakers to attract investment from manufacturers of electric vehicle components into the country.

📈 INVESTMENT LANDSCAPE: Finance and National Planning Minister Situmbeko Musokotwane announced that Zambia’s economy is expected to expand by at least 6% as the continent’s second-largest copper producer reaps the benefits of improved rainfall and higher metal production. A bumper maize harvest, late in May, has led to inflation easing to an 11-month low.

A CLOSER LOOK

Mining Developments

Canada-listed First Quantum Minerals contributed over $2.6 billion to Zambia’s economy in 2024 through its operations at the Trident and Kansanshi mines in North-Western Province, according to the company’s Global Tax Transparency and Economic Contributions Report, released last month. The report shows that FQM paid $650 million in taxes, spent $1.75 billion on local procurement, disbursed $236 million in wages to local employees, and invested $13 million in community development initiatives. The two mines produced 402,000 tonnes of copper last year, and the company currently employs over 11,000 people in Zambia, supporting over 2,000 local suppliers.

All mines in the Copperbelt are reporting increased production, according to Elisha Matambo, Minister of Copperbelt Province. Mopani Copper Mines, which owns the Nkana and Mufulira mines in Zambia's Copperbelt region, aims to produce 300,000 metric tonnes per year at its maximum production capacity. Minister Matambo relayed to the EU Ambassador to Zambia that this production would “contribute to the three million metric tonnes which we (as a country) are aiming to achieve by 2030.” Mining houses, including KCM, Mimbula and Lubambe, have also reported an increase in copper production.

Meanwhile, President Hichilema officiated the unveiling of JCHX Mining, a Chinese-based mining services firm, as the new strategic investor in Lubambe Copper Mines. JCHX’s investment is expected to revitalise operations at the site, particularly the Lubambe deep shaft and to inject both capital and technical expertise. The partnership aligns with the New Dawn administration’s focus on revitalising key infrastructure projects, which are expected to attract foreign investment and create high-quality jobs in the Copperbelt. 

In other mining news, diversified metals producer, Jubilee Metals Group, has successfully completed extensive processing trials at its Roan concentrator in Zambia’s Copperbelt. CEO Leon Coetzer announced that the results of these trials “have affirmed Roan's unique capabilities to process transitional copper reefs, which are available in vast quantities both at surface and in near-surface mining operations.” Jubilee notes that the combined Roan and Munkoyo high-grade concentrations are expected to produce 288 tons per month of copper units in June, increasing to 400 tons per month by August and between 500 tons and 550 tons per month by October. 

Energy

At the start of the month, Zambia’s Energy Regulation Board announced further reductions in fuel pump prices. Diesel decreased from K27.38 to K25.12 per litre, petrol dropped from K32.14 to K31.36 per litre, and kerosene decreased from K26.88 to K24.79 per litre. Following the announcement, energy expert Johnstone Chikwanda said that consumers of petroleum products in the country are likely to save at least one billion Kwacha from sustained reductions in pump prices over the last three months. The reductions in price, resulting from concerted government efforts to increase grid capacity, have been broadly praised as they ease pressure and improve household purchasing power.

In a landmark achievement for Zambia’s capital markets and energy sector, the Copperbelt Energy Corporation has made history as the first company listed on the Lusaka Securities Exchange to achieve a market capitalisation of over $1 billion. Verona Nkolola, CEC’s head of Corporate Communications, announced the milestone, which followed a 6.19% increase in the company’s share price, bringing 2025’s total growth to over 27%. LuSE Chief Executive Officer Nicholas Kabaso praised the development as a turning point for Zambia’s capital markets, expressing his confidence in capital markets would as an anchor for Zambia’s sustainable economic development.

The Sustainable Energy Fund for Africa, managed by the African Development Bank (AfDB), has committed $8 million toward a $26.5 million financing package to support the 32 MWp Ilute Solar Project, located near Sesheke. The plant, developed under a market-based Power Purchase Agreement with regional power trader GreenCo, will supply electricity via the Southern African Power Pool. The project avoids sovereign guarantees, easing the burden on Zambia’s public finances, and is seen as a replicable model for regional energy integration and private-sector investment.

At the same time, Globeleq has entered Zambia’s energy market, acquiring a 51% stake in Lunsemfwa Hydro Power Company from Norfund. LHPC, headquartered in Kabwe, Zambia’s Central Province, operates two hydroelectric plants totalling 56 MW and is currently developing a 20 MW solar project. The company supplies power to ZESCO and private clients, and holds a trading license with the Southern African Power Pool. The investment marks Globeleq’s first hydropower investment in Africa and forms part of the company's broader renewable energy expansion in Zambia, where it plans to build over 400 MW of renewable capacity, including solar, wind, and battery storage projects.

Trade

In a concerted effort to diversify Zambia’s economy, President Hichilema’s government is in discussions with carmakers to attract investment from manufacturers of electric vehicle components into the country. Finance Minister Musokotwane highlighted Zambia’s proactive approach during the Bloomberg Africa Business Media Innovators conference in Livingstone, explaining that the government has been engaging with international automakers, especially during recent visits to Germany. “We have been talking, even last week when I was in Germany, telling these companies to please consider the manufacture of some of your electric-vehicle components in Zambia,” said the finance minister as he urged EV manufacturers to utilise the country’s expansive copper resources to help develop electric vehicle engines. He added that these components could then be shipped to existing factories in South Africa, which currently exports EVs globally, creating a hub for EV components manufacturing in the region.

Investment Landscape

Earlier this month, Finance and National Planning Minister Situmbeko Musokotwane announced that Zambia’s economy is expected to expand by at least 6% as the continent’s second-largest copper producer reaps the benefits of improved rainfall and higher metal production. Growth will accelerate to the highest level since 2021, added Situmbeko Musokotwane during the interview in Livingstone. Zambia’s economy grew by about 4% in 2024, and inflation has started to slow. Zambia is Africa’s second-best performer against the dollar this year, after a sharp mid-month rally, and it’s expected to appreciate by a further 11% in 2025.

A bumper maize harvest, late in May, has led to inflation easing to an 11-month low. Consumer prices rose by 15.3% compared with 16.5% in April, Zambia’s Chief Statistician Chola Daka told reporters in Lusaka. Corn output is expected to more than double to a record 3.66 million tons in 2025, compared to the previous year, which will help ease pressure on food prices. Food inflation, which had begun decelerating for the first time in more than a year in March, slowed to 17.9% in May, compared with 18.7% in the previous month. Finance Minister Situmbeko Musokotwane hinted that inflation is expected to return to single digits this year.

Do you have a news story you would like included in the next briefing? Click here to email us.

LATEST TRENDS

Currency

1 USD = 23.62 ZMW

30-day average = 25.06 ZMW

Volatility (last 30 days) = 1.09%

LONG READS

Bond Traders May Have Found the Next Greece - (Bloomberg, 25.06.25)

Empower small businesses with knowledge- ignite Zambia’s clean energy future – (International Labour Organisation, 26.05.25)

A self-reliance revolution should be Africa’s answer to aid reduction – (London School of Economics, 30.05.25)

UPCOMING EVENTS

2 July — The Africa Debate  — London, UK

2-8 July — Zambia International Trade Fair — Ndola, Zambia

2-3 July—Mining on Top Africa (MOTA) — Paris, France

3 July — Digital Finance Africa — Cape Town, SA

CONTACT US

If you would like to find out more, receive tailored briefings on specific sectors, or send news stories to be included in the next briefing get in touch via info@zambiaisback.com. To stay up to date follow us on social media:

Pouring Prosperity: How Zambian Breweries Tapped into Economic Growth

As with most countries, no trip to Zambia is complete without sampling the local tipple. In most cases that means a pint of either Mosi- the country’s most popular lager – or Eagle, a casava-based brew that was launched in 2017.

 Both are the products of Zambian Breweries: a local institution with roots that stretch back to before the country’s independence, and which now boasts the support of the world’s largest brewing company.

Humble Beer-ginnings

 Northern Breweries was founded in 1963, the year before the then-colony of Northern Rhodesia gained independence. Nationalised by Kenneth Kaunda’s government in 1968, it was separated into two entities, Lusaka-based Zambian Breweries and Ndola-based Northern Breweries. Ending in 1994, it was during this period of state control that household names such as Mosi Lager first appeared on the taps in bars, restaurants and hotels across Zambia.

Privatisation came in the 1990s as Zambia liberalised both politically and economically. During this time, both Northern Breweries and Zambian Breweries came under the ownership of SABMiller, who reunited them under the Zambian Breweries (ZB) label.

The iconic Mosi Lager was first launched following privatisation in the 1990s.

 The association with SABMiller brought both economic success and cultural visibly as Zambian Breweries solidified its near-monopoly on the country’s brewing industry, and Mosi Lager became a household name. However, its prospects for profound growth really intensified in 2016, when SABMiller was acquired by AB InBev, the world’s largest brewing conglomerate and makers of Budweiser, Corona and Stella Artois.  

The acquisition brought with it scope for increased integration with AB Inbev’s worldwide operations, access to expertise and human capital, and of course to investment hitherto unobtainable. In 2022, the parent company allotted $80 million to expand ZB’s plant in Lusaka.   

The investment’s primary goal was to address beer shortages and meet the growing domestic demand by increasing the brewery's annual production capacity by one-third. This expansion included upgrades to brewing, fermentation, and packaging facilities, as well as the installation of high-tech equipment to enhance operational sustainability. This expansion helped create 5,000 new jobs in Lusaka.

Betting big on Zambia

Given that AB InBev’s operations are truly global in scope, it is telling that the company’s decision-makers identified Lusaka as a worthwhile destination for such a sizeable investment. It is reflective not just the brewing industry’s potential in Africa, but of Zambia’s macroeconomic climate more generally.

After years of economic chaos, President Hakainde Hichilema’s government, is making great strides to stabilise and grow the Zambian economy, and welcome foreign investment. In 2024, Zambia successfully completed its G20-devised debt restructuring programme, becoming the first debtor nation to do so under the new ‘Common Framework’ architecture. This provides vital context explaining why investment in Zambian businesses is ticking up across a range of sectors. 

AB InBev invested $80 million into Zambian Breweries to double the capacity of its Lusaka plant.

Zambian Breweries went on to repay AB InBev’s faith almost immediately; already the best performing stock on the Lusaka Securities Exchange, at the end of that year ZB recorded a 55% increase in operating profit – a total of $10.8 million

Not Small Beer

Beyond returning a tidy profit for both local and international shareholders, Zambian Breweries’ success points to long-term growth and prosperity within Zambia’s economy.  

Firstly, beer is a ‘normal good’; demand grows as the economy does – simply put, people with money in their pockets reliably frequent bars and restaurants. If Zambia continues on its present trajectory of growth (6.2% GDP growth projected for 2025), you can expect more pints of Mosi to be sold.  

Secondly, these sales bode well for government revenue. Zambia struggles with enforcing income taxation as the country’s informal sector is so large and pervasive. Not only does this necessitate a greater emphasis on sales taxes, but there is already a widely accepted moral case for taxing alcohol sales. Success for Zambian Breweries is great news for government finances; in 2022 it paid almost $50 million in excise revenue, up 15% from 2021.

Thirdly, Zambia’s demographics are favourable. Beer is mostly drunk by young adults and the middle-aged. While most the world’s other markets are ageing, Zambia, like the rest of Africa, is young. The country’s median age is just 18, with its prime beer-drinking years still ahead.  

The reasons don’t stop there. In the Global North during the 18th and 19th centuries, the brewing industry emerged as a key lobby in favour of implementing water sanitation standards. They did so for selfish reasons, as water is the industry’s biggest input and a reliable supply of clean water is necessary to ensure profits, but the wider social benefit of this is clear. Growth in the brewing industry therefore provides added impetus and funding for improved water sanitation in Zambia.  

ZB’s expansion brought an additional 5,000 jobs to Lusaka.

This social benefit extends to other industries. The growth of Zambian Breweries provides a domestic market for Zambian agricultural produce, and also an incentive to diversify its crops and not rely so heavily on maize. Zambian Breweries has actively invested in both barley and cassava farming and launched an agricultural buying programme that prioritises small-scale farmers. Thus far, an estimated 20,000 farmers have directly benefitted from the programme.

This is all well and good, but perhaps the single most important reason why Zambian Breweries ought to be a prized national asset and will help propel economic growth is the brewing industry’s unique integration into global supply chains.

Ale Around The World

We live in an increasingly globalised world – something Zambia is intimately familiar with due to its status as a world leader in copper exportation. This has however given rise to the concern that African countries may become dependent on cheap imports from Asia rather than developing their own industrial bases.

These concerns are well founded, yet brewing provides a unique exception. Despite increased global connectivity, countries worldwide have continued to rely on the domestic market for their beer. Imported beers tend to exclusively serve an exotic, high-end market, whilst the majority enjoy locally produced brews. Anecdotally, China is a massive exporter, yet only 0.15% of Tsingtao’s output (the country’s biggest beer) gets sent overseas.

This provides an opportunity for investment in an industry that is less susceptible to the effects of global trade, for which the prospects of long-term growth are strong, and with both a financial benefit for the government as well as a broader social benefit.

Zambian Breweries is a company with great heritage and recognition. Not only that, it also has the potential to propel a broader economic success story across Zambia that is already well underway. Good governance, promising macroeconomic fundamentals, and the brewing industry’s unique assets make it likely that AB Inbev’s massive investment in 2022 will come to be seen as a masterstroke.

Zambia Investor Briefing May 2025

OVERVIEW

⛏️ MINING: Vedanta Resources is actively considering listing its Zambian copper unit to raise investment funds. Gemfields Group announced that it will resume open-pit mining at its 75% owned Kagem emerald mine in Zambia, ending a 4-month pause. Midnight Sun Mining Corporation told stakeholders that it is making steady progress on its Phase 1 exploration campaign for 2025 at the Solwezi project. Zambia’s Minister for Mines, Paul Kabuswe, announced that copper production increased by 30% compared to the previous year in the first quarter of 2025, reaching approximately 224,000 metric tons.

⚡️ ENERGY: Zambia’s Energy Regulation Board (ERB) has approved the $270-million Kalumbila-Kolwezi Interconnector Project. The Zambezi River Authority, a joint venture between Zambia and Zimbabwe which maintains the Kariba Dam complex, has increased its efforts to secure investment for the Bakota Gorge hydropower project. The Chisamba solar power plant, a major private project in Zambia with a $71.5 million investment, has reached 91% completion. The European Union has announced a funding package of €500 million to support the construction and maintenance of Zambian energy infrastructure.

🚚 TRADE: Namibia has gifted Zambia a piece of land near the Walvis Bay Port. This land will be used to build a dry port where goods can be stored and moved. Africa Finance Corporation (AFC) president Samaila Zubairu said the Lobito Corridor project would reach financial close towards the end of 2026.

📈 INVESTMENT LANDSCAPE: The IMF’s most recent mission to Zambia concluded earlier this month. Discussions focused on Zambia’s recovery, economic performance, and policies, particularly under the Extended Credit Facility (ECF) arrangement. Zambia signed a bilateral agreement with EXIM Bank of India to restructure $335 million of Zambia’s debt.

A CLOSER LOOK

Mining Developments: 

Vedanta Resources is actively considering listing its Zambian copper unit to raise investment funds, CFO Ajay Goel told Bloomberg. The company, controlled by Indian billionaire Anil Agarwal, regained control of Konkola Copper Mines (KCM) last year after Zambia's government had triggered its provisional liquidation five years earlier due to disputes over expansion plans and tax payments. Vedanta has committed to investing $1 billion in the operation as part of securing its return. According to reports, the Zambian copper mining unit has hired Rand Merchant Bank to help raise the debt financing for the expansion of its operations in the country. 

Gemfields Group announced that it will resume open-pit mining at its 75% owned Kagem emerald mine in Zambia, ending a 4-month pause triggered by weak market prices and cost-cutting measures. Kagem suspended all mining from January 1 to focus on processing ore from Kagem’s significant ore stockpile using the operation’s upgraded processing plant. Now, though, after Kagem’s recent auction results have increased management confidence in the current emerald market, and the decision has been made to recover premium emeralds for Kagem’s future higher-quality auctions.

Midnight Sun Mining Corporation told stakeholders that it is making steady progress on its Phase 1 exploration campaign for 2025 at the Solwezi project in Zambia, with work underway across all three of its priority targets. Drilling at the Kazhiba sulphide copper target is expected to begin by the end of the week. “We believe these targets have the potential to evolve into world-class copper discoveries,” said Midnight Sun CEO Al Fabbro. “This marks the first time our targets are being explored with such a rigorous and comprehensive methodology.”

Earlier in the month, Zambia’s Minister for Mines, Paul Kabuswe, announced that copper production increased by 30% compared to the previous year in the first quarter of 2025, reaching approximately 224,000 metric tons from around 173,000 metric tons in the first quarter of 2024. The boost is a positive step towards Zambia’s goal of 1 million tons a year by the end of 2025. Kabuswe noted in an accompanying statement that higher production by two companies in particular, Konkola Copper Mines and Mopani Copper Mines, contributed to the increased overall output.

Energy:

Zambia’s Energy Regulation Board (ERB) has approved the $270-million Kalumbila-Kolwezi Interconnector Project, a 200-kilometre high-voltage transmission line linking the country’s North-Western Province to the DRC. The ERB has described the project as a “major step toward strengthening regional power trade and advancing the government’s goal of attracting private sector investment in energy infrastructure”. The transmission line will connect to a substation at First Quantum Minerals' (FQM) Sentinel mine property in Kalumbila and was approved alongside two other solar and battery installations. 

Meanwhile, the Zambezi River Authority, a joint venture between Zambia and Zimbabwe which maintains the Kariba Dam complex, has increased its efforts to secure investment for the Bakota Gorge hydropower project. The Authority has formed a team to seek investment in the proposed 2,400 megawatt facility near Victoria Falls, according to CEO Munyaradzi Munodawafa. Potential plans being considered in efforts to bolder Kariba’s capacity in the face of reduced rainfall due to climate change include drawing up to 16 trillion gallons of water annually from the Congo River. 

The Chisamba solar power plant, a major private project in Zambia with a $71.5 million investment, has reached 91% completion. The Project, which will have an installed capacity of 100 megawatts (MW), highlights the increasing involvement of the private sector in Zambia’s energy production. Construction, which began in June 2024, is expected to last about two years. Upon completion, all electricity generated will be purchased by GreenCo Power Services to directly meet the specific needs of First Quantum Minerals, freeing up additional capacity for Zambian people. The solar plant is set to bring immediate local economic benefits, including over 200 direct jobs during its construction.

The European Union has announced a funding package of €500 million to support the construction and maintenance of Zambian energy infrastructure. This is part of the EU’s Global Gateway strategy, which aims to foster global connectivity, promote inclusive growth, and facilitate multilateral cooperation to address the challenges of climate change. A statement issued by the Ministry of Labour and Social Security explained that grants will “boost the country’s sustainable energy future through the rehabilitation of the Kariba Dam, with the recent investment being in the Zambia-Tanzania Interconnector, which will enhance regional power trade.”

Trade:

Namibia has gifted Zambia a piece of land near the Walvis Bay Port. This land will be used to build a dry port where goods can be stored and moved, making it easier and cheaper for Zambia to trade through the Atlantic Ocean. The gift was confirmed during President Hakainde Hichilema’s meeting with Namibian President Netumbo Nandi-Ndaitwah in Lusaka, during her visit to the country. In a statement posted to his Facebook page, President Hichilema commented, “Namibia fully aligns with this realization and Zambia’s vision of a land-linked economy, notably through the Walvis Bay–Ndola–Lubumbashi Development Corridor, which is key to enhancing regional trade and access to the Atlantic Ocean.” 

In an interview earlier this month, Africa Finance Corporation (AFC) president Samaila Zubairu said the Lobito Corridor project would reach financial close towards the end of 2026, adding that the “initial cost estimates are promising” with “significant interest from multiple parties.” Various iterations of the feasibility study are complete, and the AFC said it is close to determining the overall project cost, and has commenced demining activities along some sections of the route. The US-backed Lobito Corridor is poised to become one of Africa’s most strategic transport and trade routes, unlocking billions in value across the continent. 

Investment Landscape:

The IMF’s most recent mission to Zambia concluded earlier this month. Discussions focused on Zambia’s recovery, economic performance, and policies, particularly under the Extended Credit Facility (ECF) arrangement. An IMF press release explained that “Zambia’s economy has shown encouraging resilience despite economic shocks. Growth is expected to strengthen in 2025, supported by an anticipated rebound in agriculture and a pickup in mining activity.” The statement comes weeks after the IMF recognised Zambia as one of the leading nations in its 2025 Regional Economic Outlook for Sub-Saharan Africa for its remarkable progress in debt restructuring.

Zambia signed a bilateral agreement with EXIM Bank of India to restructure $335 million of Zambia’s debt. The deal covered $320 million owed by the central government and $15 million by ZESCO. Zambia’s Finance and National Planning Minister, Dr Situmbeko Musokotwane, said, “The signing of this bilateral agreement to structure the debt between the government of Zambia and the Export-Import Bank of India marks a significant milestone in Zambia’s ongoing debt restructuring efforts under the G20 common framework approach.” The restructuring is expected to lower interest rates and extend the repayment period, and ease the debt burden.  

Do you have a news story you would like included in the next briefing? Click here to email us.

LATEST TRENDS

Currency

1 USD = 26.66 ZMW

30-day average = 27.28 ZMW

Volatility (last 30 days) = 0.74%

LONG READS

Interview with Ms. Mukwandi Chibesakunda, Chief Executive Officer, Zanaco - (International Banker, 22.05.25)

U.A.E. Is Pouring Money Into Africa, Seeking Resources and Power – (The New York Times, 17.05.25)

Zambia Banks on China-Backed Rail Upgrade to Boost Mining Exports – (China Global South Project, 07.05.25)

UPCOMING EVENTS

11-12 June — Infrastructure Africa — Johannesburg, SA

11-12 June — Africa Impact Summit — Accra, Ghana

17-19 June — Africa Hospitality Investment Forum — Cape Town, SA

17-20 June — Africa Energy Forum — Cape Town, SA

19 June — Africa Digital Finance Summit — London, UK

20-21 June — UK Africa Trade Expo — London, UK

23-27 June — US-Africa Business Summit — Luanda, Angola

CONTACT US

If you would like to find out more, receive tailored briefings on specific sectors, or send news stories to be included in the next briefing get in touch via info@zambiaisback.com. To stay up to date follow us on social media:

Namibia gifts land to Zambia in Walvis Bay Port for construction of a dry port.

Namibia has given Zambia a piece of land near the Walvis Bay Port for free. This land will be used to build a dry port where goods can be stored and moved, making it easier and cheaper for Zambia to trade through the Atlantic Ocean. The gift was confirmed during President Hakainde Hichilema’s meeting with Namibian President Netumbo Nandi-Ndaitwah in Lusaka, during her visit.

Both leaders say they want to work closely together to boost trade, grow business, and improve transport between the two countries. They also agreed to invest in shared infrastructure like roads, railways, energy and pipelines. This will help speed up trade and support local industries. Border areas like Sesheke were mentioned as needing better facilities to handle cargo more smoothly.

Zambia, which has no coastline, relies heavily on neighbouring countries to move imports and exports. The dry port of Walvis Bay is expected to improve efficiency, reduce transport costs and ease pressure on other routes.

The land is part of Namibia’s promise to help landlocked African countries access the sea. Zambia says the support will help grow the economy, create jobs, and bring development closer to the people.

The two presidents also agreed to review outdated laws and agreements that may be slowing down progress, and to focus on practical steps to reduce Africa’s dependence on imports from outside the continent.

The Zambian government says this partnership demonstrates Zambia’s vision of becoming a land-linked country, instead of landlocked.

[Henry Kapata - Director Spokesperson, Ministry of Information]

Zambia Leverages Emerging Technologies at the Osaka 2025 World EXPO

Ministry of Commerce, Trade and Industry Permanent Secretary Lillian Bwalya has reaffirmed Zambia’s commitment to promoting Zambia as an investment and tourism destination to drive economic growth and development.

Government is taking strategic steps to harness innovative technologies and attract investment into the country’s tourism, mining, Agriculture, manufacturing, energy and other priority sectors through its participation at the ongoing Osaka 2025 World Expo, which officially opened on 13th April 2025 in Yumeshima, Osaka, Japan.

Mrs. Bwalya noted that the Expo offers an invaluable platform for Zambia to identify and integrate global technologies and expertise into sectors such as tourism, agriculture, infrastructure, manufacturing, and health among others.

The Permanent Secretary encouraged Zambia’s private sector to take part in the Expo, highlighting its wide thematic reach covering health, women’s empowerment, technology, tourism, and investment as a unique opportunity to explore transformative technologies and collaborative ventures.

Mrs. Bwalya emphasized that the Zambian Government is actively positioning investment in tourism to generate jobs, create sustainable wealth, and accelerate economic growth.

She also pointed to key government initiatives such as the visa-on-point of entry for over 160 countries and visa waivers for Japanese nationals, as well as major investments in infrastructure and site accessibility as measures that support increased tourism inflows.

The Permanent Secretary further added that efforts like the ‘Visit Zambia’ and ‘Zambia KuChalo’ campaigns, the Domestic Tourism Strategy, and the Tourism Investment Guide are actively shaping Zambia’s image as a competitive and attractive destination.

Zambia’s Ambassador to Japan, Dr. Tobias Mulimbika expressed pride in Zambia’s participation at the ongoing six-month Expo being held under the central theme “Designing Future Society for Our Lives.”

“This Expo is a global platform for dialogue, innovation, and partnership. We are showcasing Zambia’s investment potential in line with the Expo’s three key sub-themes: Saving Lives, Empowering Lives, and Connecting Lives. Zambia has prepared materials and artifacts that align with these themes,” Ambassador Mulimbika stated.

He announced that Zambia’s National Day will be celebrated on 7th July 2025, and that the Embassy, in collaboration with the Japan External Trade Organization (JETRO), is organizing an Investment Forum to highlight opportunities in various sectors of Zambia’s economy.

[Ministry of Commerce, Trade, and Industry]

BackChat Season 4 Episode 6: Mwelwa Chibesakunda

This week, Choolwe Chibomba was joined by Mwelwa Chibesakunda, founder and CEO of Financial Insight Zambia. Choolwe and Mwelwa discuss Financial Insight Zambia’s evolution, from a blog to an industry-renowned media management company, Zambia’s changing investment landscape, and recent energy reforms.

Zambia Investor Briefing: April

CALL FOR SPEAKERS - INVEST ZAMBIA INTERNATIONAL CONFERENCE (16 - 18 JULY)

The Zambia Development Agency (ZDA) invites potential speakers and sponsors to apply for the inaugural Invest Zambia International Conference, which will take place from July 16 to 18 in Lusaka. 

The event is set to be the largest business forum in the country. It will bring together business leaders from around the world and Zambian government officials to showcase the huge investment opportunities in the country.

Business leaders, development experts, or commentators interested in participating in a panel session, fireside chat, or solo presentation should email info@zambiaisback.com to learn more. Please include a short professional biography and topics you would be prepared to speak on. 

Companies interested in sponsorship can also contact the same email. We offer a range of pre-set and bespoke sponsorship packages to suit a variety of budgets, helping to boost your company’s profile and reach key stakeholders.

Join us in shaping Zambia's economic future.

OVERVIEW

• MINING: Ivanhoe Mines has been granted a 7,757-square-kilometre package of new exploration licenses in Zambia’s North-Western Province. International Resources Holding (IRH) committed over $800 million to fuel Mopani Copper Mines' expansion. Canada-listed First Quantum Minerals (FQM) signed a strategic investment agreement with Prospect Resources, outlining the acquisition of a 15% stake in the Australian electrification metals developer. Vedanta Resources was reportedly exploring a US public listing for its Zambian unit, Konkola Copper Mines (KCM), to raise approximately $ 1 billion for mine development.

• FDI: The Italian Government committed $270 million to aid the development of the Lobito Corridor project.

• ENERGY: In a major policy reform, Zambia’s Ministry of Energy cut the approval timeline for solar energy project applications from over six months to 48 hours. The government officially launched the implementation phase of the Zambia-Tanzania Interconnector project.

• INVESTMENT LANDSCAPE: The International Monetary Fund (IMF) recognised Zambia as one of the leading nations in its 2025 Regional Economic Outlook for Sub-Saharan Africa. Zambia’s annual consumer-price inflation is set to dip below 8% by the end of 2025, announced Secretary to the Treasury, Felix Nkulukusa. Zambia’s economy grew more than expected last year, outperforming projections from the government and the IMF. Finance Minister Situmbeko Musokotwane announced that Zambia aims to finalise debt restructuring deals by September.

A CLOSER LOOK

Mining Developments                                                                                                                       

Ivanhoe Mines has been granted a 7,757-square-kilometre package of new exploration licenses in Zambia’s North-Western Province. Strategically located, the licenses are expected to facilitate expanded exploration and support a potential extension of the Central African Copperbelt. Ivanhoe founder and executive co-chairman Robert Friedland hailed the development as an “exciting new chapter,” highlighting the Zambian government's “proactive support and collaborative approach.”

Meanwhile, International Resources Holding (IRH) committed over $800 million to fuel Mopani Copper Mines' expansion. The investment is part of a broader $1 billion initiative to upgrade infrastructure, enhance operational efficiencies, and create new opportunities for local suppliers and contractors. Mopani Copper Mines CEO Charles Sakanya confirmed the substantial financial commitment, emphasising its importance in modernising operations and driving future growth. This latest investment furthers Mopani’s position as a central player in Zambia’s economic development.

Canada-listed First Quantum Minerals signed a strategic investment agreement with Prospect Resources, outlining the acquisition of a 15% stake in the Australian electrification metals developer. The $9.7 million investment is set to deepen its presence in Zambia’s Copperbelt. Quantum’s new investment will help to accelerate exploration at Prospect’s Mumbezhi mine, which announced a maiden mineral resource estimate of 514,600 tonnes of copper last month. First Quantum’s Zambia director, Anthony Mukutuma, said, “This investment in Prospect supports our exploration strategy in Zambia and signals our continued commitment to the country.”

Earlier this month, Vedanta Resources was reportedly exploring a US public listing for its Zambian unit, Konkola Copper Mines, to raise approximately $1 billion for mine development. Vedanta, owned by Indian billionaire Anil Agarwal, has hired Barclays and Citigroup to advise on plans for the initial public offering. A spokesperson for Vedanta Resources declined to comment specifically on the public listing. Still, Vedanta has confirmed it wants to raise capital as part of its plans to gradually increase copper output to 300,000 metric tons per year over the next few years.

In other mining news, the Kashime copper mine project has received authorisation to start its mining operations this month. Zambian-owned Mimosa Resources is primarily developing the project, while First Quantum Minerals (FQM) has committed to financing it and conducting further exploration within the licence area. Mkushi Mayor Melson Chilemu welcomed the new development, thanking “His Excellency the President of Zambia, Mr Hakainde Hichilema, for once again hearing our cry. This authorisation, achieved after over 15 years of struggle, is a testament to perseverance.”

FDI

The Italian Government committed $270 million to aid the development of the Lobito Corridor project, a major infrastructure initiative linking Zambia, Angola, and the Democratic Republic of Congo. In addition to its primary investment, the Italian government will provide the Africa Finance Corporation with an additional $50 million to support the implementation of the Corridor’s railway. Central to the project is a 1,300km railway line, which is set to create jobs, enhance regional trade, and facilitate access to global markets. 

Energy

In a major policy reform, Zambia’s Ministry of Energy cut the approval timeline for solar energy project applications from over six months to 48 hours. The move is aimed at attracting swift private sector participation and fast-tracking the country’s renewable energy transition. The initiative also supports the Presidential Directive to add 1,000 MW of solar energy to Zambia’s national grid by the end of 2025. This latest announcement is a part of the government’s broader efforts to make solar ventures commercially viable, appealing to domestic and international investors.

At the same time, the government officially launched the implementation phase of the Zambia-Tanzania Interconnector project. The $320 million project to connect Zambia and Tanzania's power supplies is being financed by the World Bank, the European Union and Britain. Work on the 620km 400kv cross-border electricity initiative will resume, 5 years after progress was last stalled, in 2020. The power line will link Zambia to East Africa - a move expected to help create one of the largest energy markets in the world

Investment Landscape

The International Monetary Fund (IMF) recognised Zambia as one of the leading nations in its 2025 Regional Economic Outlook for Sub-Saharan Africa, for its remarkable progress in debt restructuring. According to the Fund, Zambia’s progress in restructuring its debt has stabilised its financial standing and sent positive signals to global investors. The report notes that Zambia is among a select group of Sub-Saharan African countries that have made substantial advancements in this area, positioning it as a key player in the region’s economic landscape. The report also projects that Zambia’s GDP will grow by 6.2% in 2025, compared to 3.8% for the continent as a whole.

Domestically, Zambia’s annual consumer-price inflation is set to dip below 8% by the end of 2025, announced Secretary to the Treasury, Felix Nkulukusa. A drop to 8% would be the first time inflation has fallen within the central bank’s target range since 2019. Price growth reached 25% before President Hichilema became President. 

News of the price cooling adds to a spate of positive news for the Zambian investment landscape. Zambia’s economy grew more than expected last year, outperforming projections from the government and the International Monetary Fund (IMF). A surge in fourth-quarter output helped push annual economic growth to an estimated 4%, according to the Zambia Statistics Agency (ZAMSTATS). Furthermore, a steady reduction in Zambia’s debt burden lifted Moody’s outlook for the country’s external debt to positive in mid-April, signalling it may upgrade its Caa2 credit rating.

Finally, Finance Minister Situmbeko Musokotwane announced that Zambia aims to finalise debt restructuring deals by September, a major step in resolving the years-long effort. The country has already concluded deals or reached agreements in principle on approximately 90% of the loans up for treatment, including with key creditors such as France and Saudi Arabia. Once completed, the restructuring is expected to deliver substantial debt service relief, unlock access to new financing, and help restore financial stability.

LONG READS

Enhancing Conservation Through Data-Driven Decision-Making in Zambia - (World Bank, 10.04.25)

Zambia's inflation rate is projected to fall below 8% - (Business Insider Africa, 18.04.25)

Sub-Saharan Africa Outlook - (IMF, 25.04.25)

UPCOMING EVENTS

12-13 May — Africa CEO Forum — Abidjan, Côte d'Ivoire

13-14 May — Invest in Africa Energy — Paris, France

13-15 May — Africa's Premier Global Upstream Conference — London, UK

14-16 May — Invest in Zambia International Conference — Lusaka, Zambia

26-30 May — African Development Bank Group's Annual Meetings — Abidjan, Côte d'Ivoire

Moody’s Revises Zambia’s Economic Outlook from Stable to Positive, Citing Debt Reduction and Economic Growth

(Zambia Monitor) Moody’s Investors Service has upgraded Zambia’s economic outlook from stable to positive, while affirming the country’s long-term local and foreign currency issuer ratings at Caa2.

In its latest assessment, Moody’s cited expectations of a sustained decline in Zambia’s government debt burden, supported by stronger economic growth and continued fiscal consolidation.

The credit rating agency also pointed to a relatively stable exchange rate against the US dollar and reduced external vulnerabilities as factors influencing the improved outlook.

“Improved economic conditions, easing drought, growing external reserves, higher exports, and lower food and energy imports further reduce risks,” Moody’s noted.

While recent declines in copper prices pose challenges, the agency said they were not expected to trigger significant external stress. It added that ongoing fiscal reforms and official-sector support continue to enhance liquidity and improve debt dynamics.

Despite the positive outlook, Zambia’s Caa2 rating remains unchanged due to its still-high debt levels, ongoing liquidity challenges, and vulnerability to environmental and external shocks.

Finance Minister Urges European Investment

Finance and National Planning Minister Situmbeko Musokotwane, has urged European countries to invest in Zambia’s mining and energy sectors.

Speaking in Addis Ababa, Ethiopia, following his participation at the 10th Annual Delphi Economic Conference in Greece, Dr Musokotwane said Zambia is broadening its investment outreach to include countries such as Greece.

He said this is because Greece remains largely untapped in terms of investing in Zambia.

He noted that the Delphi Forum provided an opportunity to promote investment and strengthen partnerships.

Dr Musokotwane says this is with the aim of accelerating investment realization, creating job opportunities, and enhancing wealth creation to improve the livelihoods of Zambians.

The Finance Minister said Government is encouraging investors not only to extract raw materials but to engage in value addition especially in the area of critical minerals.

Meanwhile, Presidential Policy Advisor Chipokota Mwanawasa said President Hakainde Hichilema had introduced mechanisms aimed at enhancing private sector participation in the country’s economic development.

She highlighted reforms in the mining and energy sectors as crucial for driving economic progress.

Ms Mwanawasa also revealed that the President had established a Presidential Delivery Unit, tasked with fast-tracking development priorities, improving public service delivery, and ensuring sustainable benefits for all Zambians.

ZNBC

LONGi Revisits Zambian President to Co-Create New Clean Energy Partnership Ecosystem

James Jin, President of LONGi, Middle East and Africa region, led a delegation to visit Lusaka, the capital of Zambia, and met with Zambian President Hakainde Hichilema. This high-level engagement follows President Hichilema’s inspection tour to LONGi’s headquarters in Xi’an, China, in September 2024, marking a new phase of comprehensive and pragmatic progress in the China-Zambia energy partnership.

Elevating High-Level Engagement to Build Long-Term Mutual Trust

During his visit to China in September 2024, President Hichilema specifically toured LONGi’s headquarters to discuss photovoltaic (PV) technology innovation and global energy equity, expressing deep appreciation for LONGi’s technical prowess and global vision. Since then, sustained high-level dialogue has driven tangible collaboration. Jame’s return visit to the presidential residence underscored LONGi’s “long-term commitment” to Africa and facilitated in-depth discussions on Zambia’s renewable energy roadmap, PV project implementation, advanced technology benchmarks, and local talent development.

BC Technology Drives High-Standard Energy Transition Model

Addressing Zambia’s challenges of limited installed PV capacity and a monolithic energy mix, LONGi proposed a “high-efficiency, low-maintenance, and highly adaptable” customized solution centered on its latest BC technology aiming to establish a high starting point and high standard of national energy transformation path.

BC modules demonstrate stable power generation in high-temperature, high-radiation, and dusty environments, delivering a 7.35% increase in energy yield compared to conventional technologies within the same land footprint. They also enable “PV+” integration with complex scenarios such as mining and agriculture. By leveraging BC technology, LONGi will support Zambia in building a cutting-edge energy infrastructure to achieve dual goals of energy security and green development.

Co-Creating an Ecosystem for African Clean Energy Leadership

Beyond technology and project collaboration, LONGi is committed to fostering a localized energy ecosystem in Zambia. Leveraging the country’s abundant solar resources, LONGi has partnered with the Zambian government, universities, and enterprises to establish a trinity framework of “technology introduction, scenario application, and talent incubation.” This end-to-end solution spans planning, design, and operations, providing sustained support for Zambia’s energy-industrial integration.

President Hichilema remarked, “LONGi is not only a technology leader but also a sustainable development partner. Zambia regards LONGi as a critical collaborator in our national energy strategy and looks forward to jointly building a clean energy benchmark in Africa, ensuring sunlight illuminates a brighter future for all.”

BackChat Season 4 Episode 5: Hon. Sipho Hlazo

This week, Choolwe Chibomba was joined by Hon. Sipho Hlazo, Member of Parliament for Chilanga Constituency. Choolwe and Sipho discussed his constituency, Sipho’s optimism for the year ahead, and the importance of corporate social responsibility in complementing the successful Constituency Development Fund.

Ivanhoe Mines Commences Giant Copper Exploration Program in Zambia

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President & Chief Executive Officer Marna Cloete are pleased to announce that the company has been granted by the Government of the Republic of Zambia a vast, 7,757-square-kilometre package of new exploration licences in the highly-prospective North-Western Province of Zambia. Ivanhoe’s thesis behind the strategically selected licence package is to explore for an extension of the Central African Copperbelt.

As announced on September 10, 2024, a memorandum of understanding (MOU) was signed between Ivanhoe Mines and the Republic of Zambia’s Ministry of Mines and Minerals Development (Ministry of Mines). Since then, the Ministry of Mines has assisted Ivanhoe’s geological team in identifying the prospective licence package and provided access to existing geological data. The shared geological data also includes results from the country-wide airborne geophysical survey currently underway.

The new licence package, as shown in Figure 1, is strategically located between Ivanhoe’s Western Forelands Exploration Project (230 km to the northeast) and the company’s Angolan exploration licence package (130 km southwest). The Zambia licences cover an area over three times larger than the Western Forelands Exploration Project.

Ivanhoe’s geological team will commence exploration activities for new copper mineralization associated with Basement Domes, Katangan-age sediment-hosted copper systems, and iron-oxide-copper-gold (IOCG) systems. The western edge of the Central African Copperbelt in the Democratic Republic of the Congo (DRC) hosts the Western Foreland Shelf, where the Kamoa-Kakula Copper Complex and the Mineral Resources of Makoko and Kiala in the Western Forelands are located. Ivanhoe’s geological team believes that the Western Foreland Shelf facies of the Nguba Group sediments continue to arc southwest into Zambia and Angola, as illustrated in Figure 1. Based on this concept, Ivanhoe Mines also holds over 22,000 square kilometres of exploration licences in Angola, as announced on November 27, 2023.

Concurrently, Ivanhoe continues to advance its massive exploration program in the Western Forelands. The 2025 exploration program will be Ivanhoe’s largest-ever, with $50 million dedicated to exploration activities – consisting of 102,000 metres of diamond drilling and 18,000 metres of reverse circulation (RC) drilling. Ivanhoe is targeting an updated Mineral Resource Estimate for the Makoko area, including a Maiden Resource Estimate for Kitoko and Makoko West, next month.

Figure 1. Simplified map showing the extent of the Central African Copperbelt (yellow band) and the Zambian ‘Basement Domes’ region (in pink), overlaid with exploration licences held by Ivanhoe Mines in the DRC, Zambia, and Angola.

The President of the Republic of Zambia His Excellency Hakainde Hichilema commented:

“Today, we welcome Ivanhoe Mines’ new chapter into Zambia’s mining industry -one that promises jobs, growth, and prosperity for our people. This new investment in copper exploration is not only about achieving our government’s vision of over 3 million tonnes of copper production by 2031, it’s also about unlocking opportunities, empowering communities, and ensuring that our resources benefit every Zambian. Together, we will build an economy that works for all, with transparency, fairness, and a shared vision for the future.”

Ivanhoe Founder and Executive Co-Chairman Robert Friedland also commented:

“Our entrance into Zambia marks an exciting new chapter in Ivanhoe Mines’ commitment to expanding our exploration footprint and testing the extent of the Central African Copperbelt…which is already the world’s largest and highest-grade sedimentary Copperbelt. Our new licences in both Zambia and Angola have notable geological similarities to our world-leading discoveries in the Democratic Republic of the Congo. We will leverage our deep geological expertise and proven track record in the Western Forelands, where Ivanhoe’s geologists have discovered, including Kamoa-Kakula, over 50 million tonnes of high-grade contained copper to date. Our seasoned team of geologists is excited to begin work on these highly prospective licences… we believe there are plenty of new tier-one copper discoveries yet to be found under shallow Kalahari sands.

“We are particularly encouraged by the proactive support and collaborative approach demonstrated by the Zambian government, underscoring the country’s commitment to fostering a stable and investor-friendly mining environment. This includes a key role of partnership that Zambia is playing in terms of improving the regional hydroelectric power supply and distribution – where the Kamoa-Kakula Copper Complex is already a major importer of power via the Zambia interconnector.

“As global demand for copper continues to grow, Ivanhoe Mines looks forward to contributing to Zambia’s economic development, supporting local communities, and furthering our goal of finding the world’s next major copper deposits.”

Ivanhoe identified an underexplored area within the Zambian Copperbelt with compelling geology and strong discovery potential

Much like the Kamoa-Kakula Copper Complex and the Western Forelands Exploration Project in the DRC, the Zambian licences represent an underexplored potential extension of the Central African Copperbelt. Working closely with the Ministry of Mines and leveraging its in-depth knowledge of the Central African Copperbelt, Ivanhoe’s geologists selected the Zambian licences based on a detailed review of available exploration data.

BHP Billiton flew airborne geophysics over sections of Ivanhoe’s licence package in the late 2000s, as part of a larger exploration program across western and central Zambia targeting IOCG-style mineralization. BHP exited its African operations in 2015. No work has been carried out on the licences since 2015.

In August 2024, the Zambia Ministry of Mines commenced a country-wide airborne geophysical survey that started in the west of the country, including over Ivanhoe’s new licence package. The geophysical survey consists of a high-resolution airborne magnetics survey at 300-metre-line spacings. The shared results will expedite Ivanhoe’s exploration efforts, saving at least six months in acquisition time and costs.

Remarkably, like Kamoa-Kakula and the Western Forelands, the Zambian and Angolan licences have had very little prior exploration activity, as they are covered by Kalahari sand cover, hiding any buried mineralization.

The central portion of the newly approved Zambian licence package is highly prospective for copper mineralization hosted in Paleo-Proterozoic basement inliers buried below a blanket of Kalahari sands, containing sheared amphibolite-facies schists, granitic gneiss, and migmatite similar to Barrick’s Lumwana mine to the northeast, on the Mwombezhi Dome.

Ivanhoe engages technical contractors ahead of 2025 field program, exploration activities expected to commence in Q2 of 2025.

Ivanhoe will appoint environmental consultants in the second quarter of 2025 to complete key environmental baseline studies and produce an Environmental Management Plan (EMP) for approval by the Zambia Environmental Management Agency (ZEMA). Initial engagements with local communities will also be undertaken prior to the mobilization of field teams for ground surveys and drilling in the second half of the year. A detailed review of historical and newly acquired airborne geophysical data will be carried out concurrently with the completion of the EMP.

Ivanhoe will conduct an extensive program of aircore and auger drilling to collect soil geochemical data and additional airborne and ground-based geophysical surveys. This work will enable Ivanhoe’s geological team to map the giant licence area in detail to better understand the extent of the Basement Domes, Katangan sediments, and felsic magmatic intrusives that underlie the licence area. Once this work has been completed target generation for future diamond drilling will commence.

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa; the expansion of the Kamoa-Kakula Copper Complex in the DRC, the ramp-up of the ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC; and the phased development of the tier-one Platreef palladium-nickel-platinum-rhodium-copper-gold project in South Africa.

Ivanhoe Mines also is exploring its highly prospective, 60-100% owned exploration licenses in the Western Forelands, covering an area over five times larger than the adjacent Kamoa-Kakula Copper Complex. Ivanhoe is exploring for new sedimentary copper discoveries, as well as expanding and further defining its high-grade Makoko, Kiala, and Kitoko copper discoveries as the company’s next major development projects.

Zambia Investor Briefing: March

CALL FOR SPEAKERS - INVEST ZAMBIA INTERNATIONAL CONFERENCE (16 - 18 JULY)

The Zambia Development Agency (ZDA) invites potential speakers and sponsors to apply for the inaugural Invest Zambia International Conference, which will take place from July 16 to 18 in Lusaka. 

The event is set to be the largest business forum in the country. It will bring together business leaders from around the world and Zambian government officials to showcase the huge investment opportunities in the country.

Business leaders, development experts, or commentators interested in participating in a panel session, fireside chat, or solo presentation should email info@zambiaisback.com to learn more. Please include a short professional biography and topics you would be prepared to speak on. 

Companies interested in sponsorship can also contact the same email. We offer a range of pre-set and bespoke sponsorship packages to suit a variety of budgets, helping to boost your company’s profile and reach key stakeholders.

Join us in shaping Zambia's economic future.

OVERVIEW

• MINING: Prospect Resources has been granted two large-scale mining licences (LMLs) for its flagship Mumbezhi copper project in northwest Zambia. Critical minerals royalty company Ecora Resources told investors it had signed a $50 million streaming deal on Moxico Resources’ flagship Mimbula copper mine. India’s Mines Secretary said the country is exploring mining critical minerals in Zambia to secure raw materials key to energy transition technologies. Patriot Lithium’s exploration team discovered multiple high-grade copper occurrences across its license area in Zambia’s Copper Belt.

• ENERGY: Zambia’s Copperbelt Energy Corp. (CEC) announced that it will invest $500 million over the next two years to increase its solar power output and double the capacity of a power transmission line to the Democratic Republic of Congo. ZESCO has signed an Inter-Utility Memorandum of Understanding (IUMoU) with Electricidade De Mozambique (EDM) to increase transmission capacity within the Southern Africa Power Pool. Botswana and Zambia committed to establishing a high-voltage cross-border transmission line.

• TECHNOLOGY & AGRICULTURE: Flutterwave, Africa’s leading payments technology company, has obtained a Payment System License in Zambia. German pharmaceutical, biotechnology and crop science company Bayer AG opened a new $35 million maize seed facility in Kabwe.

• RAIL: The China Civil Engineering Construction Corporation (CCECC) announced plans to invest $1.4 billion to upgrade the Tanzania-Zambia railway (TAZARA).

• ECONOMIC RELATIONS: Zambia reaffirmed its commitment to deepening diplomatic and economic relations with France, and Foreign Affairs Minister Sylvia Masebo declared the country open for foreign investment. Infrastructure, Housing, and Urban Development Minister Charles Milupi stressed the importance of Zambia's Private-Public Partnership (PPP) model for infrastructure development. The Canadian Government said Zambia is one of Africa's most attractive investment destinations.

A CLOSER LOOK

Mining Developments                                                                                                                       

Prospect Resources has been granted two large-scale mining licences (LMLs) for its flagship Mumbezhi copper project in northwest Zambia. According to Australia-listed mineral explorer and developer, the licenses, which are renewable for successive 25-year periods, represent a significant de-risking of the project and provide "a strong legal and permitting framework" from which to advance project development and financing. With a substantial maiden mineral resource estimate of 107 million tonnes grading 0.5% copper for 515,000 tonnes, Mumbezhi is poised to support Zambia’s goal of producing three million tonnes per annum by 2030. 

Critical minerals royalty company Ecora Resources told investors it had signed a $50 million streaming deal on Moxico Resources’ flagship Mimbula copper mine in Zambia. Moxico Resources will use the deal's proceeds to help implement phase II of the Mine’s expansion, increasing annual output from 14,000 tonnes in 2024 to 56,000 tonnes by mid-2026. The stream will cover Moxico-owned Mimbula’s existing reserve-based life of mine (LOM) of 11 years, with the possibility of further extension. Ecora CEO Marc Bishop Lafleche said: “Mimbula has everything we look for in an investment; it is a high-quality ore body, with low operating costs and with an exceptional management team.”

 In other mining news, India’s Mines Secretary said the country is exploring the mining of critical minerals in Zambia as the world’s fastest-growing economy aims to secure raw materials key to energy transition technologies. The Zambian government recently agreed to give India 9,000 square kilometres for cobalt and copper exploration. In January this year, New Dheli approved 163 billion rupees ($1.88 billion) to develop the critical minerals sector.

Last week, Patriot Lithium’s exploration team discovered multiple high-grade copper occurrences across its license area in Zambia’s Copper Belt. The new targets, identified through ongoing field mapping, include promising copper deposits with ultra-high grade readings. The company’s discoveries represent a potential game-changer in providing growth beyond its lithium assets and enhancing its potential to become a significant player in Zambia’s copper sector. The ultra-high copper grades of up to 33% are extremely rare in the industry, where grades of 1-2% are considered economically viable. 

Energy

Zambia’s Copperbelt Energy Corp. (CEC) announced that it will invest $500 million over the next two years to increase its solar power output and double the capacity of a power transmission line to the Democratic Republic of Congo. CEC’s Chief Financial Officer, Mutale Mukuka,  the company’s strategy to attract external investment to finance the projects. "We'll invest quite heavily in transmission projects to make sure that power from [new projects] can reach consumers," said Mukuka. CEC plans to bolster the power transmission line between Zambia and Congo to 550 megawatts (MW) from 250 MW, enhancing regional energy security and supporting growing industrial demand in both countries.

 The Zambia Electricity Supply Corporation Limited (Zesco) has signed an Inter-Utility Memorandum of Understanding (IUMoU) with Electricidade De Mozambique (EDM) to increase transmission capacity within the Southern Africa Power Pool. The MoU is set to enhance regional energy security by allowing cross-border electricity trading to support growth in both countries. This latest interconnector agreement comes just weeks after Botswana and Zambia committed to establishing a high-voltage cross-border transmission line, in yet another boost to energy security and electricity trade within the Southern African Development Community. 

Technology & Agriculture

Flutterwave, Africa’s leading payments technology company, has obtained a Payment System License in Zambia. The license will allow Flutterwave to offer affordable and secure mobile money services in a move which promises to strengthen Zambia’s financial inclusion and facilitate local and international trade with cutting-edge payment solutions. Zambian businesses will now be able to process single and bulk payouts to their partners and employees, gaining access to new growth opportunities in the country’s fast-evolving digital economy. “Zambia is a market with enormous potential for growth and innovation,” said Olugbenga ‘GB’ Agboola, Flutterwave’s Founder & CEO. Flutterwave’s service offers a reliable gateway to process local payments for international companies eyeing investment in Zambia. The company plans to work closely with the Bank of Zambia to foster financial innovation and drive economic growth through digital payments.

German pharmaceutical, biotechnology and crop science company Bayer AG opened a new $35 million maize seed facility in Kabwe earlier this month. The facility will triple the company’s existing production capacity this year. The new site will create 80 permanent jobs and over 100 seasonal positions, generating around 15,000 seasonal on-farm jobs through field operations and contract growers. Bill Anderson, Bayer’s CEO, emphasised that alleviating severe food insecurity is a key company objective: “With our new seed facility in Zambia, we want to make a meaningful contribution to that crucial goal.”

Rail

The China Civil Engineering Construction Corporation (CCECC) announced plans to invest $1.4 billion to upgrade the Tanzania-Zambia railway (TAZARA), improving a key route for regional copper exports. $1 billion of CCECC's investment will go towards rehabilitating the TAZARA's rail tracks, while the balance will be used to purchase 32 new locomotives and 762 new wagons to boost capacity. TAZARA officials have said the investment will strengthen trade between the two countries, improve logistics for the mining sector, and reduce transportation costs for businesses and passengers. This latest development marks the most significant upgrade to the railway since its construction in the 1970s.

Economic Relations

Zambia reaffirmed its commitment to deepening diplomatic and economic relations with France, with Acting Foreign Affairs Minister Sylvia Masebo declaring the country open for foreign investment. Signing a Declaration of Intent to enhance bilateral cooperation earlier this month, Masebo assured that French businesses can thrive in Zambia’s economy. The foreign affairs minister told reporters that a delegation of French companies will visit Zambia in April to explore investment opportunities in energy, agriculture, and infrastructure.

 This comes as Infrastructure, Housing, and Urban Development Minister Charles Milupi stressed the importance of Zambia's Private-Public Partnership (PPP) model for infrastructure development at the 2025 Transforming Transport Conference in Washington DC. The model aims to enhance the country's trade potential on the global stage while it pursues an ambitious infrastructure development agenda to support the socio-economic transformation of the country and create much-needed jobs for Zambians, particularly the youth. 

Finally, the Canadian Government said Zambia is one of Africa's most attractive investment destinations. Parliamentary Secretary to Canada’s Minister of Foreign Affairs, Rob Oliphant, cited political stability, good governance, and strong economic potential as attributes that make Zambia a favoured investment prospect. The Parliamentary Secretary proposed a Canadian trade mission to Zambia to explore further investment opportunities after hearing about the recently launched high-resolution geophysical survey to identify mineral-rich areas for exploration.

LONG READS

Zambia's mining law overhaul - (Dentons, 18.03.25)

The railway that China hopes will take on the US in Africa - (FinancialTimes 12.03.25)

Emerging technology policies and democracy in Africa: South Africa, Kenya, Nigeria, Ghana, and Zambia in focus – (Atlantic Council, 10.03.25)

China Faces PR Challenge in Zambia – (Foreign Policy, 18.03.25) 

UPCOMING EVENTS

8-9 April — Pension Funds & Alternative Investments Africa Conference 2025 –- Mauritius

9-10 April — Africa Tourism Investment Conference –- Cape Town, South Africa

9-11 April — WTM Africa — Cape Town, South Africa

24 April — Africa Fintech Summit — WashingtonDC, US

24 April — Africa Energy Summit — London, UK

28-30 April — Proptechand Digital Transformation — Accra, Ghana

29-30 April — Invest in Africa Summit — The Hague, Netherlands

28 April – 2 May — AVCA Conference & VC Summit — Nigeria

Zambia's CEC to invest $500 million in power projects to increase transmission

Zambia's Copperbelt Energy Corp. will invest $500 million over the next two years to increase its solar power output and double the capacity of a power transmission line to Democratic Republic of Congo, a senior company official said on Monday.

Copperbelt Energy Corporation (CEC) owns the sole power transmission line between Congo and the Southern African Power Pool (SAPP).

Chief Financial Officer Mutale Mukuka said CEC wanted to attract investors to finance the projects as the country emerges from a four-year sovereign debt default.

"We're looking to invest around $500 million over the next two years and most of this financing will come from third party financiers," Mukuka told Reuters.

"We'll invest quite heavily in transmission projects to make sure that power from (new projects) can reach consumers," he said.

Developers are showing interest again in Zambia's energy projects after the country emerged from a sovereign default and following an El Niño-induced drought which wiped out 70% of power generation.

CEC also plans to bolster the power transmission line between Zambia and Congo to 550 megawatts (MW) from 250 MW currently.