Copper prices have surged to a 17-month high, positioning Africa’s leading producers, Zambia and the Democratic Republic of the Congo (DRC), for major revenue gains amid renewed global demand. The benchmark price for copper climbed to about $10,775 per metric ton, the highest since May 2024, driven by tightening supply, speculative investment, and a weaker U.S. dollar, as reported by Ecofin Agency.
Zambia and the DRC, which together account for over 10 percent of global copper output, are expected to see stronger fiscal inflows and export revenues. In Zambia, where copper represents nearly 70 percent of export earnings, officials project improved d`ebt-servicing capacity and currency stability. The DRC, home to the Kamoa-Kakula and Tenke Fungurume mines, is set to attract new foreign investment and expand state revenue, African Business reported.
Figures from Reuters show Zambia’s copper production rose by 12 percent in 2024 to approximately 820,670 metric tons, supported by improved operations at key mines. The DRC recorded a similar expansion, benefiting from fresh capital inflows and exploration projects as demand for copper in renewable energy and electric vehicle manufacturing continues to rise.
Analysts note that while the current rally provides much-needed fiscal relief, sustaining growth will depend on stable mining policies, power supply reliability, and consistent demand from major importers such as China. Still, for Zambia and the DRC, the global copper boom could mark a pivotal opportunity to strengthen their economic resilience and cement their positions at the heart of the global energy transition.
