Zambia is planning to expand its copper production, aiming to more than quadruple its output by early 2030s, reported Bloomberg News.

This plan necessitates investment from companies to advance early-stage projects into fully operational mines.

Zambia President Hakainde Hichilema’s special assistant for finance and investment, Jito Kayumba, was cited by the news agency as saying that more than 40 mining permits currently held by the Zambian Mines Ministry are due to be transferred to a state-owned enterprise.

The new state-owned enterprise will engage in negotiations with potential investors to form partnerships.

The state entity will maintain considerable minority stakes in these ventures without taking on operational roles.

During a telephone interview, Kayumba said: “The appetite is illustrated in the numerous unsolicited offers we receive.”

Currently, subsidiaries of First Quantum Minerals and Barrick Gold contribute to approximately two-thirds of Zambia’s copper production, with plans to increase their output in the coming years.

Set to be under the ownership of Zambia’s Industrial Development Corporation, a state company will offer mining licenses. It will also provide government-funded aerial geophysical survey results, Kayumba said.

Furthermore, Zambia is encouraging investors to collaborate with an operating partner and the state to develop new mining projects.

Earlier this year, Bloomberg News reported that Zambia was planning to establish a state-owned investment company that will hold at least a 30% share in the production of critical minerals from future mining projects.

This initiative aligns with Zambia’s ambition to significantly increase its copper production and tap into its reserves of cobalt, graphite and lithium.