As copper prices continue surging on the global market, now exceeding $14,000 per tonne, calls are intensifying for Zambia to strengthen local ownership in its mining sector.
The latest official data shows copper closed last week at $14,103.50 per tonne, marking a 2.18% rise from $13,803.00 the previous week and a notable 14% jump from $12,423.00 at the start of 2026. This sustained rally presents a pivotal moment for Zambia, one of the world’s top copper producers, to maximize the value of its mineral resources for national benefit.
In an interview with the Zambian Business Times (ZBT), economic analyst Hambayi highlighted the critical need for Zambia to enhance domestic copper production and increase local ownership in mining operations. Hambayi emphasized that while the rally in global copper prices offers an opportunity for Zambia to boost government revenue, the country’s limited equity in most mining companies results in much of the profits being remitted overseas.
“The important aspect of increased copper prices is the potential for higher government revenue,” Hambayi noted.
“However, the major component of the revenue generated does not accrue to Zambia, as the country owns only a small share in these mines.” Hambayi advocated for long-term strategies aimed at increasing Zambian participation in the mining sector.
“It is crucial that we start to discuss greater Zambian ownership of mines. Any investment in the sector should require a set minimum equity percentage for Zambian stakeholders, as practiced in many other countries. This approach would help ensure that the value generated from mining activities is retained within the country,” he explained.
Looking ahead, Hambayi projected that copper prices could climb to as high as $15,000 per metric tonne before 2030. He stressed that this presents a significant opportunity for Zambia, provided policies are enacted to strengthen local participation and ownership in the mining industry.
By Justine Phiri
