Zambia has welcomed the return of Anglo American to its mining sector, marking a significant development in the country’s mining industry. This is following a new joint venture (JV) between Anglo American and Arc Minerals, aimed at exploring copper and cobalt in Zambia’s copper-rich North-Western Province.
The deal, valued at $88.5 million, allows Anglo American to retain a 70% stake in the venture and continues their long-standing interest in Zambia’s mining potential.
The venture will involve exploration of copper-rich sites, with a specific focus on copper and cobalt, critical metals for battery production, especially amid the global drive to find new sources of these essential resources.
Zambia Welcomes Anglo American
This marks Anglo American’s first new investment in Zambia since the 1990s, a period during which it had previously explored the region’s vast mineral deposits.
Zambia, Africa’s second-largest copper producer, has made strides to position itself as a prime destination for mining investment. Under President Hakainde Hichilema’s administration, the country has seen reforms in its mining tax policy, making the sector more attractive to international investors.
Zambia has ambitious plans to triple its copper production to 3 million tonnes annually by 2030, which further increases the importance of such deals in shaping the future of the industry.
Source: Zambia
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