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.
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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
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