Foreign media news on July 20: Zambia's copper production will decrease by more than 10% this year compared with the previous year, falling to the lowest level in 14 years. Copper accounts for more than 70 percent of Zambia's export earnings.
Copper production is expected to be 682,431 tonnes this year, which would be the lowest since 2009, Zambia's finance and national planning ministries said in a report this week. It also marked the third consecutive year of decline in the country's copper output after peaking in 2020.
The decline in copper production will affect the economic growth of the southern African country. The Treasury expects gross domestic product growth to slow to 2.7 percent this year, down from 4.7 percent in 2022.
In the first half of this year, Zambia collected only 23% of its target for mining royalties.
The Zambian government hopes to increase annual copper production to 3 million tons by 2031. But this goal faces obstacles.
A report released this month by the International Monetary Fund showed that weather-related shocks and weak copper revenues posed the biggest risks to Zambia's economy.
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