In August 2024, Lobito Atlantic Railway shipped its inaugural copper export from the Democratic Republic of the Congo (DRC) to the U.S., highlighting Africa’s vital role in meeting rising global copper demands. With predictions of a 10 million metric ton shortfall by 2030, African initiatives aim to bridge this gap. The Critical Minerals Africa (CMA) 2024 summit will present lucrative opportunities within Africa’s copper sector, with discussions focused on enhancing production and supporting economic growth in line with the global energy transition. The DRC, now the third-largest copper producer globally, has partnered with Canadian firm Ivanhoe Mines to enhance output at the Kamoa-Kakula Copper Complex, aiming for an additional 150,000 tons annually. Furthermore, Ivanhoe resumed operations at Kipushi mine, contributing a further 140,000 tons to the DRC’s copper supply. Chinese company CMOC is also investing $2.5 billion in the Tenke Fungurume and Kinsafu mines to double production within four years, while Swiss firm Glencore targets 300,000 tons annually at its KTO Copper and Cobalt Mine through innovative technologies. Zambia, the second-largest producer in Africa, seeks to expand its copper output to 3 million tons by 2030 by engaging global investors. Recent resumption of production at Mopani Mine adds 140,000 tons to its annual yield. Beyond DRC and Zambia, emerging projects in Zimbabwe, South Africa, Mauritania, Namibia, and Morocco will also be pivotal. At the CMA 2024 summit, collaborative efforts among policymakers and investors will be discussed to reinforce Africa’s position in the copper market.

The article focuses on the urgency of addressing a looming global copper supply crisis, projected to reach a gap of 10 million metric tons by 2030. Africa, particularly the DRC and Zambia, is highlighted as a crucial player in the copper sector, with various initiatives aiming to bolster production. The Critical Minerals Africa summit serves as a platform for showcasing these opportunities and fostering discussions on strategies to expand the continent’s copper production capacity.

In summary, Africa, notably the DRC and Zambia, is at the forefront of addressing the global copper supply shortage through significant expansions and investments. The CMA 2024 summit aims to further enhance these efforts, promoting collaboration between African nations and global investors to secure sustainable growth in copper production. This concerted approach demonstrates the continent’s commitment to becoming a leader in the critical mineral sector.

Original Source: africanminingmarket.com

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