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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":706,"relatedVideos":707},112469008462807,"81ebcea9-5fd3-4f22-ad5f-6a2abc748dcb","African nations seek to capture greater value from copper resources","african-nations-seek-to-capture-greater-value-from-copper-resources","article/african-nations-seek-to-capture-greater-value-from-copper-resources",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":684,"featured":51,"reporter":685,"_editable":689,"component":690,"seo_title":543,"categories":691,"visibility":698,"author_company":49,"featured_image":699,"seo_description":684,"author_full_name":49,"author_job_title":49,"formattedDate":704,"formattedArticleDate":705},"d5b5009f-461e-4842-96f3-4eaf81a94c1d","2024-09-06 00:00",[550,553,556],{"slug":551,"name":552},"drc","DRC",{"slug":554,"name":555},"zambia","Zambia",{"slug":557,"name":558},"policy","Policy",[560],{"slug":561,"name":562,"content":563},"matthew-bird","Matthew Bird",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Senior Editor - Supply Chains & Data Visualisation",{"filename":566},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":570,"content":571},"doc",[572,579,584,589,594,599,604,619,632,637,642,647,652,657,662,670],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578},"As copper demand rises to feed the global energy transition, copper-rich African nations are increasingly seeking to maximise the economic potential of their abundant reserves.","text",{"type":573,"attrs":580,"content":581},{"textAlign":49},[582],{"text":583,"type":578},"Zambia is the latest to propose additional measures to caputre greater value from its copper revenues, as Bloomberg reported last week that the government plans to create a state-owned company to control a 30% stake in future critical minerals mines. The government is also set to review policy related to restricting the export of unprocessed materials. ",{"type":573,"attrs":585,"content":586},{"textAlign":49},[587],{"text":588,"type":578},"This is in line with Zambia’s broader commodity strategy of growing revenues through increased production and higher royalty payments.",{"type":573,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":578},"“Government ownership of mining assets is nothing new and is used extensively across the border in the Democratic Republic of Congo (DRC), where state-owned Gecamines is a shareholder in most assets,” said Piotr Kulas, principal copper analyst at Benchmark. ",{"type":573,"attrs":595,"content":596},{"textAlign":49},[597],{"text":598,"type":578},"“Although details on the new company in Zambia are scarce, they will likely want to base it on a similar model to Gecamines,” Kulas added.",{"type":573,"attrs":600,"content":601},{"textAlign":49},[602],{"text":603,"type":578},"While Gecamines has long-held stakes in mining projects in the DRC, it has been pushing for a greater role in production and supply of critical minerals in recent years. The state-owned miner began marketing its own share of copper and cobalt to potential buyers for the first time in 2024. ",{"type":573,"attrs":605,"content":606},{"textAlign":49},[607,609,617],{"text":608,"type":578},"In recent years, the DRC has taken steps to secure a greater share of the economic value of its mining sector. This includes ",{"text":610,"type":578,"marks":611},"suspending exports from CMOC’s TFM mine in a near year-long dispute over royalty payments",[612],{"type":613,"attrs":614},"link",{"href":615,"uuid":49,"anchor":49,"target":49,"linktype":616},"https://source.benchmarkminerals.com/article/cobalt-stockpile-set-to-enter-market-as-cmoc-gecamines-drc-dispute-resolved","url",{"text":618,"type":578}," and revoking several copper-cobalt licences owned by Eurasian Resources Group (ERG). ",{"type":573,"attrs":620,"content":621},{"textAlign":49},[622,624,630],{"text":623,"type":578},"These actions follow a period of substantial supply growth. The DRC has recorded double digit annual increases in copper output since 2020, with supply growth peaking at 33% in 2022.",{"text":625,"type":578,"marks":626}," Driven predominantly by Chinese miners expanding production at both new and existing mines",[627],{"type":613,"attrs":628},{"href":629,"uuid":49,"anchor":49,"target":49,"linktype":616},"https://source.benchmarkminerals.com/article/how-china-is-reshaping-the-global-copper-market",{"text":631,"type":578},", the DRC is  now the world’s second-largest producer of the red metal.",{"type":573,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":578},"Copper: the bedrock of Zambia’s economy",{"type":573,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":578},"“While DRC copper supply has grown rapidly in the last 3 years, Zambia has for a while been stuck at roughly the same level of output,” said Kulas.",{"type":573,"attrs":643,"content":644},{"textAlign":49},[645],{"text":646,"type":578},"To take advantage of bullish demand prospects, the Zambian government has targeted an increase in copper production to 3 million tonnes annually by 2031, up from around 700,000 tonnes in 2024. The target would require existing mines to double their output to 1.4 million tonnes.",{"type":573,"attrs":648,"content":649},{"textAlign":49},[650],{"text":651,"type":578},"Several copper mine expansions are currently underway in Zambia, including a 200,000 tonne expansion of First Quantum Minerals owned Kansanshi mine, due to be completed in 2025, and a 150,000 tonne expansion of Barrick Gold’s Lumwana mine.",{"type":573,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":578},"“Nevertheless, achieving the 3 million tonne production target will prove extremely challenging. Copper grades in Zambia are much lower than in the DRC and the country is already facing a structural shortage of energy to power its mining operations,” Kulas added.",{"type":573,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":578},"Miners have also warned that increased state control threatens to diminish the competitiveness of Zambia’s mining sector in the global industry, potentially deterring future investment in new supply.",{"type":573,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":578,"marks":667},"First-hand accounts of the copper market are part of the expert market insights provided in Benchmark’s free Copper Weekly newsletter.",[668],{"type":669},"italic",{"type":573,"attrs":671,"content":672},{"textAlign":49},[673,680],{"text":674,"type":578,"marks":675},"Sign up to request Copper Weekly",[676,679],{"type":613,"attrs":677},{"href":678,"uuid":49,"anchor":49,"target":49,"linktype":616},"https://www.benchmarkminerals.com/copper-weekly/",{"type":669},{"text":681,"type":578,"marks":682}," and access copper market news and analysis direct to your email every Monday.",[683],{"type":669},"As copper demand rises to feed the global energy transition, copper-rich African nations are increasingly seeking to maximise the economic potential of their abundant reserves. Zambia is the latest to propose additional measures to caputre greater value from its copper revenues, as Bloomberg reported last week that the government plans to create a state-owned company […]",[686],{"slug":561,"name":562,"content":687},{"job_title":564,"image":688,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d5b5009f-461e-4842-96f3-4eaf81a94c1d\", \"id\": \"\"}-->","article",[692,695],{"slug":693,"name":694},"copper","Copper",{"slug":696,"name":697},"critical-minerals","Critical Minerals","private",{"id":49,"alt":700,"name":700,"focus":700,"title":700,"source":700,"filename":701,"copyright":700,"fieldtype":702,"meta_data":703,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/4da2f62bcb/bm-copper-cathode.jpg","asset",{"alt":700,"title":700,"source":700,"copyright":700},"Sep 06, 2024","6th September 2024",[],[],1783093119295]