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The World Bank says global demand for minerals and metals could double by 2040, presenting a significant opportunity for resource-rich countries such as Zambia to accelerate economic growth through increased investment, stronger governance, and infrastructure development.
In its latest report, the Bank said the global race for minerals and metals was accelerating as urbanization, agriculture, digitalization, and energy needs continue to intensify worldwide.
“For resource-rich developing countries, this is a major opportunity — not only to supply global markets, but also to create jobs, build industries, and strengthen economic resilience at home,” it stated.
Zambia is among the first countries to launch a Mineral Compact with the World Bank Group as it seeks to maximize benefits from its vast mineral resources.
The Zambian government has set a target of increasing annual copper production to three million tonnes by 2031.
However, the World Bank noted that achieving this ambition would require increased private sector investment, greater spending on infrastructure and skills development, and stronger efforts to promote local manufacturing and domestic suppliers.
“Achieving this will require courting more private capital, investing in infrastructure and skills, and increasing efforts to build local manufacturing to strengthen domestic suppliers. Our support to Zambia covers all of this,” it said.
The Bank said that as Zambia expanded copper production, it had an opportunity to develop value-added industries such as the manufacturing of wires, cables, and transformers, while strengthening local supply chains where significant job creation can occur.
“We are helping countries get ready. From Argentina’s Rincón Lithium Project, where 70 percent of an anticipated 4,200 workers will be hired locally, to Zambia’s goal of tripling copper production by 2031, we have mobilized US$1.2 billion and are scaling our minerals support fivefold,” the Bank said.
According to the World Bank, realizing the full benefits of the growing demand for minerals will depend on getting three key fundamentals right: strong policies and governance, foundational infrastructure, and private sector investment.
The Bank said its approach to supporting the metals and minerals sector brings these elements together to ensure that resource wealth delivers broad-based and lasting economic benefits.
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