Zambia’s Copper Boom Raises Hopes of Better Economy

Zambia is entering a potentially transformative period as copper prices climb above $15,000 per metric ton and global demand is projected to rise sharply through 2040. Zambia mines much of the metal, which currently accounts for about 15% of its national income and 65% of its exports. To capitalize on the copper boom, President Hakainde Hichilema has set an ambitious target of producing 3 million metric tons annually by 2031. Outside experts consider that goal unrealistic; the World Bank projects roughly 1.5 million metric tons by then. One thing is certain: Zambia is poised to accelerate production. However, the country must address unreliable electricity and exploration gaps to ensure new projects proceed smoothly. More importantly, the government has to ensure that the projects benefit ordinary Zambians, since mining employs only about 2% of workers.