The Investing in African Mining Indaba opened today with a compelling keynote address by President Hakainde Hichilema of Zambia, who offered a reflective yet forward-looking narrative on Zambia’s mining journey, Africa’s place in the global economy, and the urgent need for partnership-driven growth.
Anchoring his address on the theme of collaboration, Hichilema underscored that “where Zambia stands today is a testament to the power of working stronger together,” emphasising that progress in Africa’s mining sector “requires partnerships that are purposeful, transparent and mutually beneficial.”
Africa’s Endowment and Its Paradox
The President confronted what he described as one of Africa’s greatest contradictions: being richly endowed with minerals while remaining the least developed region globally. This paradox, he noted, is not due to lack of resources but structural challenges in capital access, policy design and global positioning.
Contextualising Africa within the global community, Hichilema called for a shift in how development programmes are designed and implemented. Africans, he asserted, must construct their own economic programmes, with institutions such as the IMF playing a supportive rather than prescriptive role. “Support must enable African priorities, not construct them on our behalf,” said Hichelema.
Economic Reconstruction – Four Years of Reform and Results
Hichilema highlighted Zambia’s economic reconstruction journey, which began in 2022. Four years on, reforms are delivering measurable outcomes. Zambia is growing at more than 6%, inflation has fallen to single digits from highs of approximately 22% and confidence is returning to the economy. He noted the importance of fairly priced capital, noting that the cost of capital remains a major constraint to African growth. Reducing this cost, he said, is critical to unlocking long-term investment and sustaining reform momentum.
Inclusion, the President stressed, requires vested interest. Mining must not only generate revenues but also revitalise communities, reverse negative migration trends, and contribute to social and economic stability, particularly in historic mining regions such as the Copperbelt, where infrastructure rehabilitation is underway.
Mining as a Catalyst for Industrialisation
Turning to the mining sector, Hichilema called on mining houses to deepen partnerships and invest in beneficiation. Zambia’s vision, he said, is to move decisively beyond extraction towards value addition, ensuring minerals are processed domestically and integrated into broader industrial value chains. He noted that since 2022, Zambia has attracted approximately USD 12 billion in mining capital investment. Copper production increased by 12 percent in 2024 and the country is on track to reach one million tonnes this year.
Looking ahead, Zambia’s ambition is clear: three million tonnes of copper, expanded beneficiation and an end to the export of raw materials. “We must change the narrative by positioning Zambia as a competitive, value-adding mining jurisdiction,” stressed Hichelema.
What Investors Should Know About Zambia
Hichilema outlined three strategic pillars shaping Zambia’s investment proposition: First, a high-resolution geophysical survey is underway to de-risk exploration. The data, expected to be released this year, will significantly enhance geological transparency and investor confidence. Second, Zambia is building stronger institutions by routing out complexity, enhancing transparency and efficiency and establishing mechanisms such as the Miners Appeal Tribunal to improve regulatory certainty.
Third, capital response has been robust, with recapitalisation across the sector reflecting renewed confidence in Zambia’s mining reforms.
The opening day of Mining Indaba 2026 set a decisive tone: Africa’s mining future lies in collaboration, value addition and strategic leadership. As Hichilema concluded, reforms are delivering, partnerships are working and the opportunity now is to ensure Africa’s mineral wealth translates into inclusive, sustainable development for generations to come.
