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