Zambia is richly endowed with minerals including copper, coal, cobalt, gold, manganese and gemstones. The mining sector through copper is the backbone of the economy.
Since privatization, the country’s copper output has increased from 250,000 to 800,000 tons annually. Presently, Zambia ranks sixth in global production.
The mining sector currently represents about 9.2% of GDP, accounts for about 70-80% of the country’s foreign income earnings, and about 7% of Zambia’s domestic tax revenues.
It is estimated that by year 2016, Zambia will be the world’s third largest copper producer. Mining is also the largest single private sector employer, with an estimated 44,000 people in Zambia.
The Government of Zambia (GRZ) has been successful in attracting investments from some of the world’s leading mining companies. The presence of these leading companies is raising the country’s profile and levels of investor’s confidence.