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Pauline Chungu

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Zambia’s Refined Copper Exports Generated $25,000 Per Minute In June, Nearly $1.1 Billion In Total

Zambia’s copper industry was moving serious money in June. Refined copper exports generated about $1.1 billion during the month, according to the latest export figures.

Put into Zambian perspective, that works out to roughly K463,000 in refined copper export earnings every minute, or about K20 billion over the course of June.

The number is striking, but the bigger story is what it says about Zambia’s economy. Copper remains the country’s dominant export, meaning global copper prices, production levels and international demand can have a significant impact on Zambia’s foreign-exchange earnings.

There is also an important distinction behind the numbers. The K20.4 billion figure sometimes being circulated refers to traditional exports, while refined copper itself accounted for approximately K20 billion.

In other words, Zambia’s copper economy was generating hundreds of thousands of kwacha in export value every minute throughout June.

But with so much value leaving the country as copper, the bigger question is whether Zambia can capture more of that value through processing, manufacturing and industrialisation at home.

How much bigger could Zambia’s copper story become if more of the value was created before the copper left the country?

Pauline Chungu in Blue with Her Friends!!!!!!