What market dynamics drove Moore’s decision to launch Client Focus Solutions in Zambia, and what is its market outlook for the next two to three years?

Zambia is entering a new mining-investment cycle, reflected in rising output. This prompted us to strengthen our presence by bringing Client Focus Solutions (CFS) into the Moore Global Network in June as Moore Zambia CFS.

Zambia produced just over 890,000 tons of copper in 2025, up from about 821,000 tons in 2024. The government’s 2026 Budget targets more than one million tons in 2026, rising to three million tons annually by 2031. Closing this gap will require new mines, revived assets, deeper exploration and major processing investment.

Moore’s latest Thrive Index, which surveyed 2,425 business leaders across 17 markets, found South Africa had the most optimistic outlook. Globally, seven in ten mining businesses plan to increase investment over the next year.

Over the next two to three years, the market should shift from announcements to delivery. Power, transmission, transport corridors and skills will be as important as geology. Zambia’s local content rules require at least 20% of annual core-mining procurement budgets to go to qualifying local companies, with the threshold rising over time. Non-core mining goods and services are reserved for local companies.

However, procurement rules alone will not create competitive suppliers. They also need working capital, standards, technology and long-term commercial relationships.

The question is no longer whether the copper is there, but whether projects can be financed, powered and delivered. That is where our work sits: alongside sponsors, suppliers and government teams preparing projects for financial close.

Which projects, policy reforms and investment priorities will have the greatest impact on Zambia’s 2031 production target?

The fastest gains are coming from existing and restarted assets. In 2024, the Ministry of Mines highlighted stronger Lumwana production, the restart of Konkola Copper Mines (KCM) and Mopani, and new output from Mimbula. In 2025, the Presidential Delivery Unit said growth was largely driven by KCM, Mopani, Kansanshi and Lubambe.

The next wave is taking shape. Kansanshi’s S3 expansion entered commercial production in December 2025. Barrick’s $2 billion Lumwana Super Pit expansion is under construction, with first copper targeted for the end of Q1 2028. KoBold Metals and ZCCM-IH broke ground at Mingomba in April 2026 on a project estimated at more than $2 billion. President Hichilema said in February that more than $12 billion had been invested in Zambia’s mining sector since 2022.

Reaching the 2031 target requires four systems to move together: production, energy, logistics and capital.

Energy is the most urgent. Zambia had about 3,871 MW of installed generation capacity in 2024, with hydro accounting for 82%. In February 2026, only 1,635 MW of domestic generation was available. Imports raised total supply to 1,971 MW, against demand of about 2,400 MW.

The response is underway. At end-November 2025, the Ministry reported 29 generation projects under construction, with combined capacity of 2,510 MW, plus seven transmission projects. The pipeline included Maamba Phase II. Chisamba Phase Two subsequently added 100 MW, commissioned in July 2026. Zambia’s Integrated Resource Plan targets about 10,013 MW of generation capacity by 2030.

Transport is the second constraint. Higher production requires rail, road and border capacity to keep pace. Policy consistency is equally important, as mining projects run for decades and require predictable tax rules and transparent licensing.

Which African markets are priorities for Moore’s mining and advisory business?

We focus on markets where mineral wealth, credible reform and projects capable of reaching financial close come together.

South Africa remains the continent’s deepest mining and capital-services market. Platreef’s $700 million Phase 2 senior project finance facility reached financial close on 30 April 2026, underwritten by Société Générale, Absa and Nedbank. South Africa is also targeting R2 trillion in new investment over five years.

Zambia and the DRC form a natural copper-cobalt investment zone. In 2024, Kamoa Copper closed a $400 million term facility with Absa, Africa Finance Corporation, Rawbank and FirstBank.

Beyond these markets, we see opportunities in Namibia, Botswana, Zimbabwe, Tanzania, Ghana, Sierra Leone, Liberia, Egypt, Mozambique and Nigeria. Mauritius also provides a practical base for cross-border structuring and administration.

What does Moore mean by saying “coordination, not scarcity, will determine Africa’s critical minerals success”?

Africa’s mining bottlenecks are a failure of system coordination rather than resource or capital scarcity.

Africa Finance Corporation estimates $29.5 trillion in mine-site mineral value, with about $8.6 trillion still undeveloped. It also reports more than $2 trillion in non-bank domestic capital.

The challenge is connecting this capital to bankable projects. Africa needs prepared projects, suitable financing instruments and risk-sharing structures. We set out this logic in Prospect in July 2026.

A mine also requires power, water, transport, skills and community support. The investable unit is therefore the system, not the mine.

Africa needs a mining capital ladder matched to each stage of risk: specialist equity and royalty or streaming capital for exploration; sponsor capital, grants and blended finance for project preparation; commercial banks, DFIs, ECAs and offtake-backed facilities during construction; and domestic banks, private credit, bonds, pension funds and insurers once operations generate stable cash flows.

What will be Moore’s key messages at AMW 2026?

Africa needs to move from promoting mineral potential to delivering investable projects. Capital funds studies, permits, contracts, credible sponsors and underwriteable cash flows - not ambition alone.

We want stronger project pipelines, better mine-infrastructure coordination, competitive local suppliers and more projects progressing from concept to feasibility, funding and financial close.

The value of AMW will ultimately be measured by what moves after the event. Our message is simple: bring us the project you are trying to unlock, and we will tell you what it will take to get it financed.