Zambia Investor Briefing - December 2025
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December 2025
In this month's briefing: as Zambia closes out 2025, copper export data released in December showed October earnings surged 31.2% to $920 million, and major energy investments advanced the country's renewable energy transition. Infrastructure developments included the launch of the $326 million Mutanda-Kaoma road project and $4.5 million in railway modernisation funding.
🎅 DECEMBER IN NUMBERS
→ $920M - October copper export earnings (+31.2%)
→ $900M - Amsons Group power investment (1.3GW)
→ $326M - Mutanda-Kaoma road project
→ $132M - Zambia Sugar expansion
→ $4.5M - Railway modernisation funding
President Hichilema welcomes a delegation from the United States government, led by Caleb Orr, Assistant Secretary for the Bureau of Economic, Energy and Business Affairs
⛏️ MINING DEVELOPMENTS
Copper Export earnings surge
December data releases showed Zambia's copper sector posted strong October results, with export earnings from refined copper rising 31.2% to $920 million, up from $660 million in September. The monthly increase reflects momentum driven by strengthening global copper prices and accelerating demand from renewable energy infrastructure, electric vehicles, and power grid modernisation. The performance demonstrates the impact of President Hichilema's pro-business policies attracting fresh investment. Major expansions from First Quantum, Barrick, Vedanta, and others support the government's long-term target of three million tonnes annually by 2031.
First Quantum supports local businesses
First Quantum Minerals backed newly gazetted regulations aimed at increasing local participation following the Minerals Development (Preference for Zambian Goods and Services) Regulations, 2025. The company spent $1.7 billion with Zambian-registered businesses in 2024—84% of spending and equivalent to 6% of GDP. The Kansanshi S3 Expansion involved 2,500 Zambians and 535 local companies. First Quantum developed a new vendor registration system for local suppliers.
Jubilee Metals production surge
Jubilee Metals reported a 65% jump in first-quarter copper output as operations recovered from power outages. The company secured a private power purchase agreement for its Roan concentrator and set guidance of 4,500-5,100 tonnes for the year ending June 2026—roughly double prior output. CEO Leon Coetzer confirmed stable power supply. The company forecasts doubled 2026 production as it transitions from South African chrome and PGM assets to focus on Zambian copper.
🚜 AGRIBUSINESS EXPANSION
Zambia Sugar investment
Zambia Sugar PLC announced a $132 million expansion to boost capacity from 400,000 to 500,000 metric tonnes. Investment includes an $18 million falling film evaporator, $23 million in irrigation technologies, and $75 million for the Twazabuka warehouse facility. CEO Oswald Magwenzi said the expansion will contribute to non-traditional exports and foreign exchange earnings. The company also plans to expand power generation to 100MW. Zambia Sugar ranks among the top 10 global producers and is a major employer in Southern Province.
Zambeef results
Zambeef Products PLC posted K2.9 billion gross profit and K8.1 billion revenue for the year ending September 2025, despite energy shortages and higher input costs. Profit jumped 25% to K225.1 million. Operating profit grew 31.4% to K640 million. The company commissioned a cheese plant in April as part of its $100 million expansion program. CEO Faith Mukutu emphasised cost efficiency and capacity expansion while maintaining vertically integrated operations across beef, poultry, pork, dairy, and crop production.
⚡️ ENERGY & INFRASTRUCTURE
Amsons Group power investment
Tanzanian conglomerate Amsons Group sealed a $900 million power deal comprising $600 million for a 1GW solar plant and $300 million for coal generation, delivering 1,300MW of new capacity. The solar component through Africa Power Generation consortium represents one of Sub-Saharan Africa's largest. MD Edha Nahdi said the projects will create sustainable jobs and build local capacity. The investment aligns with targets to add 1,000MW of solar and the Mission-300 initiative for 300 million Africans.
Mutanda-Kaoma Road launch
The government launched the $326 million Mutanda-Kaoma road project under a 25-year Public Private Partnership (PPP) concession. Western Corridor Limited, a special purpose vehicle by BeefCo Holdings and First Quantum Minerals, will design, finance, construct and operate the 371km road. The project converts gravel into international-standard bituminous highway, creating the shortest route from the Copperbelt to Walvis Bay port in Namibia. President Hichilema said the road cuts travel by 400 kilometres versus traditional routes.
Railway modernisation
The government released $4.5 million to Zambia Railways Limited (ZRL) for major recapitalisation. The funding complements €50 million from the EU's Railway Sector Support Programme for track rehabilitation and signalling on the Livingstone-Ndola mainline. Recapitalisation will renew rolling stock, restore critical track sections, modernise signalling and telecommunications, and upgrade passenger services. The initiative transforms ZRL into a modern, efficient system that lowers costs for mineral transport to regional ports and reduces road congestion.
📝 POLICY DEVELOPMENTS
US strategic partnership
US Assistant Secretary of State Caleb Orr confirmed America stands ready to invest further in Zambia during bilateral talks with Finance Minister Situmbeko Musokotwane. Discussions focused on job creation in mining and critical minerals. Orr emphasised the US wants to reset relations and deliver tangible benefits to Zambians. Musokotwane stated the government aims to transition Zambia from aid recipient to contributor to global development, with strategy centred on job creation and sustained growth.
DEAL OF THE MONTH 🤝
Amsons Group's $900 million power investment represents a watershed moment for Zambia's energy transition. The package combines $600 million for a 1GW solar plant with $300 million for coal generation, delivering 1,300MW of total capacity. President Hichilema called it a game-changer that addresses the country's over-reliance on hydropower. The solar component alone ranks as one of Sub-Saharan Africa's largest single power sector FDI commitments. The combined investment signals strong international confidence in Zambia's energy framework and provides both immediate capacity relief and long-term security, positioning the country to achieve energy surplus status.
👀 WHAT WE’RE WATCHING IN JANUARY
→ Amsons Group 1GW solar project implementation timeline and construction commencement.
→ Mutanda-Kaoma road construction mobilisation and initial works.
NOW LIVE ON BACKCHAT 🎬
In the latest episode of BackChat, Choolwe Chibomba sits down with Tom Elliot, COO at Hotspur Helium. Together, they discuss helium exploration in Zambia, Hotspur Helium’s journey in the sector, the importance of transparency and reform in the critical minerals space, and how the company is working to support and uplift local communities across the country.
📖 WHAT WE’VE BEEN READING (AND WATCHING) IN DECEMBER
The changing shape of Chinese aid to Africa - The Economist | 27 November 2025
China’s Critical Minerals Strategy in Africa - Africa Centre for Strategic Studies | 9 December 2025
QUOTE OF THE MONTH
"This 1 GW investment is a game-changer. It directly addresses our national crisis by providing reliable, clean, and non-hydro dependent power. The sheer scale of this project, facilitated by our government's commitment to efficiency and transparency, ensures that we are decisively on track to meet, and possibly exceed, our target of adding 1,000MW of new solar power to the grid."
— President Hakainde Hichilema on the Amsons Group $600 million solar investment, marking one of Sub-Saharan Africa's largest renewable energy commitments
🎄 ZAMBIA IS BACK… IN 2026 🎉
From all of us at Zambia is Back: Merry Christmas and a happy 2026.
CONTACT US
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