As part of its commitment to the Zambian government’s aim to reach three-million tonnes of copper production by 2031, State-owned investment company ZCCM Investments Holdings (ZCCM-IH) is maximising value through production optimisation, exploration and downstream beneficiation.

“Medium-term copper market fundamentals are positive, driven by increasing demand for copper in green energy electrification, AI data storage manufacturing and renewable-energy applications,” says ZCCM-IH CEO Kakenenwa Muyangwa.

He elaborates that supply is expected to remain constrained, driving prices and creating opportunities for copper producers.

Guided by this outlook, ZCCM-IH is prioritising investments in assets that can deliver long-term, sustainable value, adds Muyangwa.

Over the next three to five years, ZCCM-IH’s key priorities include increasing copper production from its existing assets and contributing to national energy security by investing in power projects to support mining development.

Concurrently, the company plans to advance new exploration initiatives and promote local beneficiation and value addition initiatives, helping to create jobs and drive economic growth.

Currently, the company has invested in several copper mining assets. In Zambia’s North-Western province, ZCCM-IH has a 20% stake in the Kansanshi copper/gold mine, in partnership with copper miner First Quantum Minerals.

In the Copperbelt province, ZCCM-IH has a 20% stake in Mingomba Mining, in partnership with exploration company KoBold Metals.

It also has a 20% stake in the CNMC Luanshya Copper mines, which is undertaken in partnership with copper producer China Nonferrous Mining Corporation (CNMC).

Also in the Copperbelt province, ZCCM-IH has a 20.6% stake in Konkola Copper Mines (KCM), in partnership with mining company Vedanta Resources; and a 15% stake in NFC Africa Mining, in partnership with CNMC.

At KCM, ZCCM-IH resolved a long outstanding legal battle with Vedanta, enabling a steady flow of capital to revamp the mine.

Additionally, in August, ZCCM-IH increased its stake in Lubambe Copper Mine, in the Copperbelt province, in partnership with mining contractor Jinchengxin Mining Management Company, from 20% to 30%, in line with ZCCM-IH’s strategic pillar of increasing ownership in existing assets when opportunities arise.

ZCCM-IH previously followed this strategy at Mopani Copper Mines, also in the Copperbelt province, and in partnership with natural resources extractive company International Resources Holding (IRH), where the company increased its stake from 10% to 49% in 2024.

At Mopani, ZCCM-IH brought in IRH, injecting fresh capital to complete expansion projects alongside restructuring the loan received from diversified miner Glencore to strengthen the mine’s balance sheet.

“We expect this investment to increase production, deliver strong returns and contribute to Zambia's economic growth,” says Muyangwa.

He adds that yearly copper production proportionate to ZCCM-IH’s shareholding is projected to reach about 1.1-million tonnes by 2031, equating to about 36% of Zambia’s national production target by 2032.

Ongoing Projects
ZCCM-IH is also actively supporting several expansion and development projects, which are expected to drive growth and increase production.

Among these projects is the Kansanshi S3 expansion, commissioned in the second half of 2025. The project will extend the mine’s life to 2049 and increase peak yearly production to 277 000 t by 2033.

Similarly, ZCCM-IH is advancing mine development projects at NFC Africa’s and Lubambe’s mines to boost production while CNMC Luanshya’s Shaft 28 dewatering project, on track for completion by later this month, is expected to double the mine’s production capacity by 2030, from 47 000 t/y to 100 000 t/y.

Meanwhile, at Mopani and KCM, reinvestment and operational optimisation efforts are underway to restore and enhance production capacity. Once all expansion projects at Mopani are completed, Muyangwa says, yearly production is expected to reach about 200 000 t by 2029, with a full capacity target of 225 000 t by 2030.



Concurrently, ZCCM-IH is pursuing an in-house exploration strategy based on three pillars: acquiring new exploration licences, partnering with third-party licence holders and supporting subsidiaries in their exploration programmes.

Aligned to this, Muyangwa says ZCCM-IH’s Mingomba project is regarded as one of the region’s leading exploration ventures. This project, he adds, is anticipated to significantly contribute to national output once production starts in 2031, with an estimated output of about 300 000 t/y.



ZCCM-IH is also in talks with potential partners to increase Zambia’s smelting capacity to capture more value in-country, states Muyangwa.