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Zambia’s election campaign is taking place alongside an expansion of the country’s mining sector, with copper and uranium projects drawing fresh international investment.

President Hakainde Hichilema is seeking a second term in August after making mining development a primary focus of government policy since taking office in 2021. His administration has prioritized exploration activity, foreign investment, and higher mineral production as Zambia works to strengthen state revenues and reduce debt pressures.

National copper production currently stands at around 640,000 tonnes annually from major operations, including Lumwana, Kansanshi, and Sentinel. The government wants output to reach 3 Mtpa early in the next decade, a figure that would move Zambia into the top tier of copper producers worldwide.

Mingomba Project Draws Global Attention

One of the largest developments contributing to that target is the Mingomba copper project being advanced by KoBold Metals.

The US$2.2 billion project is expected to produce around 300,000 tonnes of copper annually once operational. Construction and development spending this year alone is projected at roughly US$600 million.

The project’s financial backing has attracted attention across the mining sector, with investors including Bill Gates, Jeff Bezos, and Sam Altman.

BHP Group Assesses Opportunities in Zambia

Zambia’s copper ambitions are also attracting interest from established global miners.

BHP Group is reviewing exploration opportunities in the country despite having no producing assets there at present. Increased attention from international companies has coincided with an improvement in Zambia’s ranking in the Fraser Institute’s annual survey of mining jurisdictions’ investment attractiveness, rising from 28th in 2024 to 25th in 2025, out of 68 jurisdictions.

The country also remains strategically important to the United States through the Lobito Corridor project, which aims to transport critical minerals to the Atlantic coast via Angola. At the same time, Chinese investment and financing continue to play a major role across Zambia’s mining sector and overall economy.

Uranium Exploration Gains Momentum

Alongside copper growth, uranium exploration activity is accelerating.

Atomic Eagle is advancing the Muntanga uranium project near Zambia’s border with Zimbabwe following its acquisition of GoviEx Uranium.

Muntanga hosts a measured and indicated resource of 50.4 Mt grading 359 ppm U3O8, for 40 Mlb of uranium oxide. The project also contains an inferred resource of 12.8 Mt at 263 ppm U3O8 for 7.4 Mlb.

Additional exploration targets across the broader tenure range from 40 Mlb to over 100 Mlb of uranium oxide.

Nationwide Survey Supports Exploration

Zambia’s government has launched a countrywide airborne geophysical survey designed to improve geological data coverage for explorers and mining companies.

The program includes aeromagnetic and radiometric surveying. Radiometric data is particularly useful for uranium exploration as it measures natural radioactive signatures that can indicate mineralized zones.

For companies operating in Zambia’s uranium sector, the survey could help identify additional prospective ground beyond existing project areas.

Expansion Studies Underway at Muntanga

Atomic Eagle is conducting a 30,000-metre drill campaign to increase the scale of Muntanga and support a larger mining operation.

Previous feasibility work outlined an annual production of roughly 2.2 million pounds of uranium. The company is now examining development scenarios in the 4-5 Mlbpa range.

Technical studies completed under previous ownership reported uranium recoveries exceeding 90% through heap-leach processing. Low sulphuric acid consumption and favourable strip ratios were also identified as advantages for future operating costs.

Nuclear Growth Strengthens Uranium Demand Outlook

Global uranium demand forecasts continue to strengthen as countries expand nuclear generation capacity.

More than 75 nuclear reactors are currently under construction worldwide, with about 120 more planned. The market is entering a period in which new reactor demand is expected to outpace available uranium supply.

As competition for future uranium supply intensifies, Zambia is positioned to attract financing and offtake interest from both Western and Chinese groups seeking long-term access to new production.

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