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Zambia has improved its standing as a global mining investment destination after climbing three places in the latest Fraser Institute Annual Survey of Mining Companies.
The 2025 survey, one of the world’s most closely watched assessments of mining competitiveness, ranks Zambia 25th out of 68 jurisdictions on the Investment Attractiveness Index (IAI), up from 28th in the previous survey cycle.
The country scored 72.84 on the index, reflecting stronger investor perceptions of both Zambia’s mineral potential and its policy environment.
Within Africa, Zambia now ranks third, behind Botswana and Morocco, reinforcing its status as one of the continent’s leading mining destinations.
The survey, conducted between August and November 2025, drew responses from 256 mining executives representing companies with combined exploration spending of US$4.2 billion.
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The IAI measures mining competitiveness based on two key factors: mineral potential, which accounts for 60 percent of the score, and policy perception, which makes up the remaining 40 percent.
Policy perception reflects investor views on regulatory stability, taxation, legal systems, infrastructure, political stability and administrative processes.
Zambia also recorded a significant improvement on the Policy Perception Index, rising to 30th globally with a score of 74.96, up from 38th in the previous survey.
The improvement signals growing investor confidence in the country’s regulatory consistency and macroeconomic direction.
However, the survey also pointed to areas that require further attention, including trade-related procedures, security perceptions and clarity in labour regulations.
Under the Best Practices Mineral Potential Index—which assumes globally competitive policy standards—Zambia ranked 20th worldwide and sixth in Africa, with a score of 71.43. The ranking highlights the continued global competitiveness of the country’s copper, cobalt, gold and emerging critical mineral resources.
Government says the improved ranking reflects broader macroeconomic reforms aimed at stabilising the economy and strengthening investor confidence.
These reforms include efforts to keep inflation within the 6–8 percent target range outlined in the 2026 national budget, stabilise the exchange rate, strengthen fiscal consolidation and advance debt restructuring.
Commenting on the survey results in a statement issued on Saturday, Finance and National Planning Minister, Situmbeko Musokotwane, said the progress was the result of deliberate policy reforms and economic leadership under President Hakainde Hichilema.
Musokotwane said the government had focused on restoring budget credibility, maintaining macroeconomic stability and creating a predictable policy environment to attract private-sector investment.
“The alignment between the leadership provided by the President and technocratic execution across government institutions has been essential to the progress we have registered not only in the mining sector but across the wider economy,” he said.
The Minister revealed that investors had injected about US$12 billion into Zambia’s mining sector since 2021, reflecting growing confidence in the country’s economic direction.
He said continued policy stability would be key to achieving Zambia’s ambitious target of producing three million metric tonnes of copper annually by 2031.
“Achieving this objective requires more than mineral abundance. It demands policy continuity, energy reliability, efficient licensing regimes, transparency and a stable macroeconomic environment,” Musokotwane said.
He added that the improved ranking should not be seen as an endpoint but rather confirmation that Zambia’s reform agenda is beginning to gain international recognition.
According to the Minister, sustained macroeconomic stability and increased investment in mining are expected to translate into higher economic growth, job creation and rising household incomes for Zambians.
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