AfriPulse
Zambia and DRC Climb High
Copper’s record surge has handed Zambia and the Democratic Republic of Congo an opportunity of a lifetime.
The neighbors are far and away Africa’s biggest producers of the metal, which generates the bulk of their exports and a big slice of government revenue. Prices have jumped almost 50% since the start of 2025 and this year smashed through $13,000 a ton for the first time, providing a significant boost to the countries’ finances.
Trump’s Interest
Concerns that President Donald Trump’s administration may introduce tariffs on refined copper, which is used in wires and cables, have triggered a rush in shipments to the US. America holds about half of global inventories of the metal, according to Swiss bank UBS.
“Inventories used to act as a buffer, but now they’re locked in the US,” said Li Xuezhi, head of research at Chaos Ternary Futures. “So the buffer is gone and everyone will have to scramble.”
Congo’s Tripled Production
Congo’s copper production has tripled over the past decade following a surge in investment, making it the world’s biggest supplier after Chile. Zambia aims to replicate that success and more than triple its output by the early 2030s.
Optimism is running high that copper’s rally has some way to go, with traders anticipating greater demand from high-growth sectors like renewable energy, data centers and power grids. Supply will also be constrained by underinvestment in new mines and disruptions at existing operations.
Investors are taking note. Congo’s franc gained almost 28% against the dollar last year, while Zambia’s kwacha advanced 26% and yields on its dollar bonds fell to record lows.
The challenge confronting the governments of both nations will be to put any additional revenue to good use and ensure citizens benefit fully from the opportunities afforded by their growing importance in a swiftly reordering global economy. — William Clowes
In summary
Copper Surges to Fresh Record as Inventories ‘Locked in the US’
Copper Lifts Zambia’s Kwacha as Africa Gains From Metals Rally
US Vows Over $1 Billion for Congo Critical Minerals Supply Chain
How a Copper Crunch Is Looming Just as AI Boom Hits: QuickTake
Hot Metals Are Exposing the Fossil Fuel Fantasy: David Fickling
Source: Bloomberg NEXT AFRICA
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