The annual Copper production has dropped from 560, 000 to now about 500, 000 in the third quarter Q3 of 2023 representing about 10 percent.
The continued decrease in copper production has been a hot topic in the mining industry. While some experts believe that the low investment in the sector is to blame, others argue that there are deeper systemic issues at play.
Some analysts argue that the industry has been too reliant on government subsidies and tax breaks, which have shielded it from market pressures and prevented it from making the necessary changes to remain competitive.
They argue that a more market-driven approach is however needed to stimulate investment and innovation in the sector to improve production.
The production levels had even during the first half of 2023 declined by about 15 percent to 321, 778 metric tons from over 365, 042 metric tons produced within the same period in the previous year of 2022.
Zambia’s Copper production has continued to decrease a situation that has had serious implications on the economy, as copper is such an important commodity in economic development.
According to a consolidated copper production report obtained by the Zambian Business Times –ZBT, Zambia’s Copper production during the Q3 of 2023 has further declined by about 10 percent to 515, 11.37 from 565, 806.92 metric tons produced within the same period in the previous year of 2022. This trend goes against the New Dawn Administration’s target to rump up Copper production to over 3 million tons in 10 years.
The continued drop has been expected after continued delays in resolving production challenges and sourcing for short-term funding at both Mopani Copper Mines – MCM and Konkola Copper Mines – KCM to hold down optimum production levels, and the decreasing productions in other large-scale mines.
Many businesses that rely on copper for their products have been struggling to stay afloat due to this decreasing copper production.
