Zambia Investor Briefing - April 2026

In this month's briefing: Zambia's inflation fell to 6.8% as investment momentum accelerated across mining and energy. KoBold Metals broke ground on the $2.3 billion Mingomba mine targeting 300,000 tonnes annual production, while BHP signalled large-scale copper exploration intent. President Hichilema launched Globeleq's $350 million 250MW solar plant, commissioned the 50MW Mansa facility, and reopened the $140 million Mulungushi Textiles plant after 20 years. British International Investment named Zambia a priority frontier market in its £15 billion strategy, while the Luanshya mine restarted after two decades.

🔢  APRIL IN NUMBERS

→ 6.8% - April inflation (maintaining target band)

→ $2.3bn - KoBold Metals Mingomba copper mine investment

→ $5.1bn - Chinese investment in Zambian mining sector

→ $2.18bn - Zimbabwe-Zambia rail line linking Kafue to Beira

→ $1.5bn - China-backed energy deal for 900MW capacity

→ $1.24bn - Tazara railway rehabilitation by Chinese mining firms

→ $20.3bn (£15bn) - British International Investment five-year strategy

→ $600k - ZDA export development fund for youth businesses

→ $350m - Globeleq-ZESCO 250MW solar plant construction

→ $140m - Mulungushi Textiles Kabwe plant reopening

→ $48m - Mansa 50MW solar plant commissioned

President Hichilema officiates the groundbreaking ceremony for KoBold Metals’ $2.3 billion Mingomba copper mine.

⛏️ MINING EXPANSION

Kobold Mingomba Mine Groundbreaking

KoBold Metals, the exploration company backed by billionaires including Bill Gates and Sam Altman, officially broke ground on what will be Zambia's biggest copper mine. The Mingomba mine will cost over $2.3 billion to build, making it one of the biggest ever investment projects in Zambia. It will eventually produce more than 300,000 tonnes of copper a year, ranking it among the continent's top sources. Silicon Valley-based KoBold has used its proprietary artificial intelligence technology to turbocharge exploration at Mingomba, discovering a previously unknown highly concentrated copper resource deep underground after acquiring the project in December 2022.

BHP Signals Exploration Intent

BHP has signalled intent to pursue large-scale copper exploration in Zambia, deploying advanced geological methods to detect deeply buried deposits traditional techniques miss. Head of global generative exploration Campbell McCuaig said many remaining large deposits are hidden beneath geological cover and require large-scale data analysis. BHP welcomed Zambia's efforts to expand geoscience data access, including government-backed airborne surveys and digitisation of geological records.

Chinese Investment Creates Jobs

Chinese firms have invested over $5.1 billion in Zambia's mining sector, creating around 19,000 jobs, according to Chinese Embassy Economic and Commercial Counsellor Jin Jun. China remains Zambia's largest export market for refined copper, accounting for over 15 percent of production. Jun confirmed dewatering works at Luanshya's 28 Shaft have been completed, with production expected to begin in September 2026.

Luanshya Mine Set To Resume Production

The Luanshya copper mine is set to resume production in August 2026 after a two-decade shutdown, marking a significant Copperbelt revival. The restart follows completion of dewatering operations at the site, idle since the early 2000s. The reopening is expected to add to Zambia's copper output as the country works toward its target of one million tonnes in 2026 and three million tonnes by 2031.

Battery-Electric Mining Truck Commissioned

First Quantum Minerals and Hitachi Construction Machinery commissioned the world's first ultralarge battery-electric mining truck at Kansanshi copper and gold mine. The all-electric Hitachi EH4000 truck integrates advanced battery technology with trolley-assist systems, representing a significant step towards decarbonising heavy mining haulage. 

SRK Opens Kitwe Office

SRK Consulting, a global advisory firm in the mining sector, launched its tenth African office in Kitwe, positioning the firm to support Zambia's growing mining sector. Partner Des Mossop said opportunities for growth are significant, with a revised mining cadastre in place and over half the country's surface remaining unexplored. The base is close to Zambia's centre of copper mining and near operations in the Democratic Republic of Congo, where SRK has a Lubumbashi office. SRK provides technical advisory services across the full mining lifecycle.

⚡️ ENERGY & INFRASTRUCTURE

Chongwe Solar Plant Launched

President Hakainde Hichilema launched construction of a 250-megawatt solar power plant and 150 MW/600 MWh battery energy storage system in Chongwe District. The $350 million project, to be constructed by Globeleq in partnership with ZESCO, will be situated at Kyindu Ranch along Leopards Hill Road. The President said the project contributes to Zambia's 10,000 megawatt target and emphasised diversifying beyond hydro, which accounts for over 80 percent of electricity.

Mansa Solar Facility Commissioned

Zambia commissioned a 50-MW solar plant in Mansa District, Luapula Province, marking the first major power generation investment in the region in over 60 years. Built at $48 million by China Machinery Company, the project created over 350 jobs during construction from February to December 2025. President Hichilema described the facility as a milestone for Luapula Province, noting it will support economic activities including manganese mining. 

China Energy Deal Signed

Zambia secured a $1.5 billion China-backed energy deal to add 900MW of power capacity through three separate 300MW projects spanning solar, wind, and coal-fired thermal generation. Signed with the Zambia Development Agency, the agreement forms part of Zambia's ambition to reach 10,000 MW by 2031. China Machinery Engineering Corporation plans to implement projects simultaneously rather than in phases, with technical teams arriving June 2026 for feasibility studies. The hybrid structure combines renewable expansion with firm baseload generation.

Zimbabwe-Zambia Railway

Zimbabwe and Zambia signed a Memorandum of Understanding for construction of a $2.18 billion railway line linking Lion's Den in Zimbabwe to Kafue in Zambia. The 311-kilometre line will pass through key areas including Chirundu, with 217 kilometres in Zimbabwe and 94 kilometres in Zambia. Zimbabwe's Permanent Secretary Engineer Joy Makumbe said the railway would reduce transit distances by 800 kilometres from Zambia to Beira versus the North-South corridor, 1,000 kilometres shorter than to South African ports, and 500 kilometres shorter than to Dar es Salaam.

Chinese Investment Creates Jobs

Chinese mining, shipping and logistics companies are joining a $1.24 billion project to revamp the 1,860-kilometre Tazara railway linking Zambia's copper region to Dar es Salaam. Copper producers CMOC Group and Zijin Mining Group are teaming up with state-owned China Civil Engineering Construction Corp, which will retain an 80 percent stake. The backing comes as Washington tries to loosen Beijing's grip on critical minerals supply chains in Africa. Once completed, the rehabilitated infrastructure will ease road congestion in Zambia and Congo.

🌍 TRADE & INVESTMENT POLICY

Inflation Falls to 6.8%

Zambia's annual inflation slowed to a more than eight-year low in April as government measures to cushion consumers blunted the impact of surging energy costs driven by the war in Iran. Consumer prices rose 6.8% this month compared with 7.1% in March, Statistician-General Sheila Mudenda told reporters in Lusaka on Thursday. Prices rose 0.7% in the month. The sustained inflation performance maintains Zambia within the Bank of Zambia's 6-8% target band.

BII Names Zambia Priority

British International Investment named Zambia among its priority frontier markets for investment as part of a new five-year strategy committing £15 billion to developing economies. The UK's development finance institution set out its ambition to scale up support for high-impact, climate-aligned investment across Africa, South Asia and the Caribbean.

ZDA Export Fund Approved

The Zambia Development Agency approved a $600,000 loan facility under the Zambia Export Development Fund to support businesses exporting Zambian products. Of the amount, $400,000 has been set aside for youth-led export businesses, while $200,000 goes to SMEs supplying goods and services to the mining sector. ZDA Head of Communications Kwali Mfuni said the funding aims to grow non-traditional exports and create employment. 

Mulungushi Textiles Plant Reopened

President Hichilema reopened the $140 million Mulungushi Textiles plant in Kabwe, a Zambia-China joint venture manufacturing uniforms for military, nurses, and public servants. The plant, dormant for 20 years, will create 500 jobs and provide a new market for local cotton farmers. The President directed Health and Defence ministries to buy uniforms locally, saying government wants to see the plant fully achieve its potential.

🤝 INTERNATIONAL PARTNERSHIPS

Vietnam Agricultural Reforms Discussed

President Hakainde Hichilema and his Cabinet met former Vietnamese Minister of Agriculture Dr. Cao Duc Phat in a session focused on drawing practical lessons from one of the world's most remarkable agricultural transformations. Dr. Phat presented on Vietnam's landmark Đổi Mới reforms, a 1986 liberalisation programme that shifted the country from subsistence farming to a globally competitive export industry. President Hichilema said Vietnam's experience offered actionable lessons for Zambia, and reaffirmed his government's national production targets: 10 million metric tonnes of maize, 1 million metric tonnes of wheat, and 1 million metric tonnes of soybeans annually by 2031. The President called for relations with Vietnam to be elevated into a formal Economic Partnership covering trade, investment, technology transfer, and skills development.

Ghana Zambia Digital Collaboration Deepened

Ghana and Zambia took steps toward deepening collaboration in digital transformation and innovation following a high-level meeting between Ghana's Minister for Communication, Digital Technology and Innovations Samuel Nartey George and Zambian Minister for Technology and Science Felix Mutati. The visit featured policy dialogues, regulatory meetings, and business-to-business sessions designed to unlock cross-border opportunities. Key Ghanaian institutions mobilised included the Bank of Ghana, National Communications Authority, National Information Technology Agency, Cyber Security Authority, and Ghana Investment Promotion Centre.

Sweden Zambia Political Consultations Institutionalised

Zambia and Sweden signed a Memorandum of Understanding on Political Consultations in Stockholm on March 30, institutionalising bilateral dialogue on issues from trade and development cooperation to peace, security, and climate action. Foreign Affairs Minister Mulambo Haimbe said the MoU marked a new chapter in the longstanding partnership between the two countries, which have maintained diplomatic relations since 1965. 

📊 SECTOR DEVELOPMENTS

Carbon Feed-in Programme Launched

Zambia launched its Carbon Feed-in Premium programme in April, designed to unlock up to 300 MW of private renewable investment, alongside plans for a 60,000 barrels-per-day crude oil refinery in Ndola to reduce dependence on imported refined fuels. Energy Minister Makozo Chikote will showcase the integrated strategy at African Energy Week 2026 in Cape Town from 12-16 October. Zambia has committed to adding over 2,610 MW of new capacity by end-2026.

APRIL MILESTONE ⛰️

When KoBold Metals acquired the Mingomba exploration license in December 2022, the site had been passed over by traditional mining companies for decades, what changed wasn't the geology, but the technology used to read it. Silicon Valley's machine learning models identified high-grade copper deposits deep underground that conventional exploration had missed, leading to the $2.3 billion project that broke ground in April. Production at 300,000 tonnes annually would position Mingomba as one of Africa's top ten copper operations and contribute roughly a third of Zambia's current total output once operational in the early 2030s. The joint venture structure sees KoBold holding 52%, Australian private equity firm EMR Capital 28%, and ZCCM Investments Holdings 20%, giving the Zambian state direct ownership in what will be the country's largest copper mine without upfront capital requirements.

👀  WHAT WE’RE WATCHING IN MAY

→ KoBold Metals Mingomba mine shaft sinking progress following April 29 groundbreaking ceremony

→ China Machinery Engineering Corporation technical teams arrival in June for $1.5bn energy deal feasibility studies

→ Luanshya copper mine production restart timeline ahead of August 2026 target

→ Zimbabwe-Zambia $2.18bn railway project financing structure and construction tender announcements

→ BHP Zambia exploration drilling commencement following April commitment to large-scale copper exploration

📖  WHAT WE’VE BEEN READING IN APRIL

KoBold’s Mingomba: Zambia’s Most Ambitious Copper Mine in 2026 - Discovery Alert | 30 April 2026

Big funds bet billions on mining supercycle - Reuters | 30 April 2026

Global scramble for battery metals intensifies as U.S. Chinese firms target Zambia’s $10 billion critical minerals market - Business Insider Africa | 30 April 2026

QUOTE OF THE MONTH

"It is everyone's responsibility to ensure that Zambia develops, so let us create a conducive environment for investors"

— President Hakainde Hichilema at the launch of the 250MW Leopards Hill Solar Plant, April 21, 2026