ZCCM Investments Holdings, majority-owned by the Zambian government, is exploring direct copper sales as global demand tightens. Chief Executive Kakenenwa Muyangwa told Bloomberg on February 17 that the company is in talks with Swiss commodity trader Mercuria and other firms to market its share of output from ZCCM’s stakes in mines such as Chambishi, Kansanshi, and Konkola.
Historically, ZCCM has relied primarily on dividends from its mining stakes, but moving into direct marketing represents a strategic shift. Muyangwa emphasized that controlling the sale of its production could significantly enhance revenue and influence over pricing and export volumes. No formal agreements have yet been announced with mining operators or trading partners.
The move mirrors steps taken by Gécamines in the Democratic Republic of Congo, which began directly marketing part of its copper output in 2023. For 2026, Gécamines plans to commercialize about 100,000 tons of copper from the Tenke Fungurume mine—where it holds a 20% stake in partnership with China’s CMOC—for export to the U.S., supported by Mercuria. Long-term, Gécamines aims to market up to 500,000 tons annually through its newly planned subsidiary, Gécamines Trading.
The strategy reflects broader efforts by Zambian and Congolese state-backed companies to gain greater control in a tightening copper market. By handling exports directly, they could influence volumes, negotiate terms, select destination markets, and capture more value from their production.
Global copper demand is rising rapidly due to its central role in modern electronics, energy infrastructure, and emerging technologies such as artificial intelligence. The International Energy Agency has warned that supply could fall short by up to 30 percent by 2035, highlighting the metal’s strategic importance.
The timing of ZCCM’s potential entry into direct trading aligns with growing Western interest in securing copper supplies, including from the United States, as nations seek to ensure access to critical minerals. Partnerships with experienced traders like Mercuria suggest a cautious, gradual approach to entering the highly competitive global copper market.
Analysts note that while the initiative could boost revenues and market influence, success will depend on ZCCM’s ability to navigate complex international trading dynamics and establish credibility with global buyers. The coming months will reveal whether Zambia’s state-owned miner can effectively leverage direct marketing to strengthen its position in the copper sector.
Zambia is one of the world’s largest copper producers, with the metal accounting for the majority of export earnings and a substantial portion of government revenue. The country’s copper industry is dominated by large-scale mines such as Kansanshi, Konkola, and Chambishi, where the state, through ZCCM Investments Holdings, holds minority or majority stakes.
More Read
Historically, ZCCM has generated income primarily through dividends from its mining investments, leaving production marketing and pricing largely in the hands of private operators. This model limited ZCCM’s influence over the global copper market and exposed the company to fluctuations in dividend payments tied to operational performance.
Global copper demand has been rising sharply due to the energy transition, electric vehicles, renewable energy systems, and emerging technologies such as artificial intelligence, which rely on copper for electrical wiring, motors, and infrastructure. The International Energy Agency has projected a potential global copper supply deficit of up to 30% by 2035, highlighting the strategic importance of securing and marketing domestic production.
Other African state-owned miners have already moved into direct marketing. Gécamines in the Democratic Republic of Congo began selling a portion of its copper output internationally in 2023 and plans to expand its tradable volumes to 500,000 tons annually. This approach allows state-backed firms to negotiate prices directly, manage export flows, and capture more value from their resources.
By entering direct marketing, ZCCM aims to follow a similar path, gaining more control over export terms, pricing, and revenue flows. The strategy also reflects a broader trend in Africa, where state-owned mining companies and national stakeholders seek to increase their participation in global commodity markets amid rising demand, tighter supply, and heightened geopolitical interest in critical minerals.
Success in this transition will depend on ZCCM’s ability to establish credibility with international buyers, navigate complex trading relationships, and coordinate with mine operators. Partnerships with experienced commodity traders like Mercuria are seen as a first step in gradually building a direct marketing capability that could increase revenues and strengthen Zambia’s strategic position in the global copper market.
