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 Resourcesflagship 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, Africas 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

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