By 
Copper surged to become Africa’s second most valuable export commodity in 2024, with total trade valued at US$35 billion.
But according to Norvan Report, the continent continues to lose out on significant economic benefits due to the export of unprocessed raw copper.
“The majority of copper processing is done outside Africa, typically by foreign firms,” the report stated, warning that Africa remains trapped in a low-value extraction model while global demand for copper is soaring.
The Democratic Republic of Congo (DRC) topped the continent’s exporters with US$19.8 billion in copper exports, followed by Zambia, which earned US$7.6 billion.
According to the report, Zambia’s top buyers included Switzerland, China, the UAE, and India, reflecting its long-standing reliance on copper as a major economic pillar.
“Zambia remains heavily dependent on copper, with limited beneficiation taking place domestically,” the report observed.
Read more: Copper prices slip from three-month high, as Kwacha halts four-day winning streak against dollar
While 52 of 54 African countries exported copper in 2024, the report revealed that just 10 countries accounted for 98 percent of the continent’s total copper export value.
“The remaining 42 nations shared only 2 percent, underscoring deep inequalities in copper-related industrial capacity,” it said.
Other notable exporters included Tanzania (US$2.2 billion), Congo-Brazzaville (US$1.3 billion), and South Africa (US$1.1 billion).
Across the board, China emerged as Africa’s largest copper buyer.
The report further stated that Africa contributed 15.3 percent to global copper exports, behind Asia (31.6 percent) and Europe (31.4 percent).
However, “Africa captures only a fraction of the value due to the absence of large-scale refining and manufacturing capacity,” Norvan warned.
“Refining, innovation, and value-added copper production remain minimal,” it said, attributing this to a mix of infrastructure deficits, policy gaps, and foreign ownership of processing facilities.
The report highlighted global trends driving up demand, particularly the electric vehicle revolution and investments in renewable energy infrastructure, adding that “Africa is at risk of remaining a raw material supplier unless it prioritises investment in domestic smelting, refining, and manufacturing.”
The report stressed that “strategic public and private investment is urgently needed to shift Africa’s copper industry from extraction to transformation.”
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments