Zambia’s ZCCM eyes bigger stakes in Africa’s copper mines

ZCCM Investments Holdings Plc., a Zambian diversified mining and energy investment holding company, is seeking to increase its ownership in key mining projects as Zambia positions itself at the center of the global race for critical minerals needed for electric vehicles and clean energy infrastructure.

Chief Executive Officer Kakenenwa Muyangwa said the company is pursuing larger minority stakes in mining assets strictly through commercial negotiations rather than compulsory acquisitions, signaling a more market-driven strategy as African governments seek greater participation in natural resource wealth.

The move comes as Zambia, Africa’s second-largest copper producer, accelerates plans to raise annual copper output to 3 million metric tons by 2031, more than triple current levels. Copper has become one of the world’s most sought-after metals as demand surges from battery manufacturers, renewable energy developers and electric vehicle supply chains.

Strategic Stakes Across Zambia’s Mining Industry

ZCCM currently holds minority interests in several major mining operations, including projects linked to China Nonferrous Metal Mining Group, First Quantum Minerals and Vedanta Resources.

The company strengthened its position in Lubambe Copper Mine last year, increasing its ownership to 30% from 20% after EMR Capital exited the asset and sold its majority holding to JCHX Mining.

ZCCM is also moving to raise its stake in KoBold Metals’s Mingomba Mining project to 25% from 20%, reinforcing Zambia’s growing appeal to U.S. and Chinese investors competing for exposure to Africa’s copper reserves.

“There’s a gradual move to higher ownership, where being a significant minority shareholder provides greater influence and leverage,” Muyangwa said.

Zambia pushes for greater resource control

African governments are increasingly seeking larger economic returns from mining assets as commodity prices and global demand for strategic minerals climb.

Muyangwa said Zambia could negotiate free-carried interests of between 5% and 15% in projects where the country already owns mining licenses before contributing additional development capital.

Expanding beyond copper

Listed on the Lusaka Securities Exchange, with secondary listings in London and Paris, ZCCM Investments Holdings stands as one of Zambia’s most strategically positioned investment vehicles.

Beyond copper, the group’s diversified portfolio spans cobalt, gold, manganese, rare earth minerals, gemstones, energy and real estate, aligning with the global energy transition and rising investor appetite for African critical minerals.

The company holds stakes in 18 companies across mining and energy, including Kansanshi Mining Plc, Mopani Copper Mines Plc and Konkola Copper Mines Plc, reinforcing its role as a cornerstone of Zambia’s resource-driven growth story.