Zambia Ranked Third Most Attractive Mining Investment Destination in Africa

Zambia has been ranked the third most attractive mining investment destination in Africa, according to the 2025 Annual Survey of Mining Companies by the Fraser Institute.

The survey places Zambia behind Botswana and Morocco on the continent. Globally, Zambia improved its position to 25th place on the Investment Attractiveness Index, up from 28th in the previous survey, reflecting rising investor confidence in the country’s mining sector.

Stronger Investor Confidence in Zambia’s Mining Sector

Zambia recorded a score of 72.84 on the Investment Attractiveness Index, indicating improving perceptions of the country’s mineral potential and policy environment.

The Fraser Institute survey assessed 68 mining jurisdictions worldwide and gathered responses from 256 mining executives. These executives represent companies with a combined exploration spending of approximately $4.2 billion.

The Investment Attractiveness Index evaluates both mineral potential and policy factors, including regulatory stability, taxation, legal systems, infrastructure, political stability, labour frameworks and administrative certainty.

Improvements in Policy Perception Ranking

Zambia also showed progress in the Policy Perception Index, climbing to 30th place globally with a score of 74.96, up from 38th position in the previous survey.

The improvement suggests that investors view Zambia’s regulatory and policy environment as becoming more predictable and supportive of mining investment.

However, the survey highlights areas that still require improvement, including trade-related procedures, security perceptions and labour regulatory clarity.

Strong Mineral Potential Supports Ranking

Under the Best Practices Mineral Potential Index, Zambia scored 71.43, ranking 20th globally and sixth in Africa.

The ranking reflects the country’s competitive position in key mineral resources such as copper, cobalt, gold and emerging critical minerals, which are increasingly important for the global energy transition.

Government Credits Economic Reform Agenda

Situmbeko Musokotwane, Zambia’s Minister of Finance and National Planning, said the improved ranking reflects the country’s ongoing economic reform programme under President Hakainde Hichilema.

According to Musokotwane, the government has focused on restoring macroeconomic stability, fiscal discipline and investor confidence since 2021.

He said authorities have also worked to align policies across institutions, restore budget credibility, improve regulatory clarity and strengthen engagement with investors.

$12 Billion in Mining Investments Since 2021

Musokotwane added that Zambia’s policy reforms have helped attract approximately $12 billion in mining investments since 2021.

The government continues to position the mining sector as a key driver of economic growth, export earnings and job creation.

With rising global demand for copper and critical minerals, Zambia is seeking to expand production and strengthen its role in the global mining supply chain.