Copper is king – Zambia stands to win

The report identifies a structural boom in copper prices driven by the global shift toward carbon-neutral growth, specifically the demand for electric vehicles and renewable energy. It posits that as high-grade deposits deplete, Zambia's lower-grade copper deposits will become increasingly attractive. However, the authors warn that sustained returns require investors to move beyond a 'policy taker' role to become 'development partners' who strengthen state institutions and adhere to strict ESG standards to avoid legacy issues like lead poisoning and corruption.

• The current increase in copper prices is viewed as structural rather than cyclical, driven by medium to long-term supply deficits and the lack of efficient substitutes.
• The global transition to carbon-neutral growth is creating a surge in copper demand, particularly for electric vehicles (EVs) and renewable energy technologies. Copper demand for EV manufacture is projected to rise from 185,000 tonnes in 2017 to over 1.74 million tonnes by 2027.
• Zambia's copper deposits are generally low-grade (below 1%) compared to the Democratic Republic of the Congo (up to 5%), but they can be profitably mined through economies of scale, as demonstrated by the Sentinel mine in Kalumbila.
• Zambia has historically suffered from the 'resource curse,' where mineral rents have dominated the GDP and supported patronage networks instead of sustainable development.
• Investors face significant litigation risks from legacy ESG failures, exemplified by a class action lawsuit against Anglo American regarding lead poisoning at a mine in Kabwe.
• To achieve long-term yields in Zambia, investors must adopt a development partner model, engaging in collective action through business chambers and helping build state institutions that limit corruption and exercise fiscal discipline.

APA

Good Governance Africa (2021). Copper is king – Zambia stands to win. https://digitalmallblobstorage.blob.core.windows.net/wp-content/2021/09/IR-Copper-is-King.pdf

Chicago

Good Governance Africa. Copper is king – Zambia stands to win. 2021. https://digitalmallblobstorage.blob.core.windows.net/wp-content/2021/09/IR-Copper-is-King.pdf.

Wikipedia

{{cite report |author=Good Governance Africa |title=Copper is king – Zambia stands to win |date=27 July 2021 |url=https://digitalmallblobstorage.blob.core.windows.net/wp-content/2021/09/IR-Copper-is-King.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{goodgovernanceafrica2021copper, author = {{Good Governance Africa}}, title = {{Copper is king – Zambia stands to win}}, institution = {Good Governance Africa}, year = {2021}, month = jul, url = {https://digitalmallblobstorage.blob.core.windows.net/wp-content/2021/09/IR-Copper-is-King.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }