Speaking at African Mining Week (AMW) 2026 in Cape Town, Tatenda Mafuriranwa, Partner for Audit, Risk and ESG Advisory at HLB Zambia, highlighted regulatory changes across Zimbabwe, Zambia and Botswana that are reshaping investment requirements and creating opportunities in mineral beneficiation.

“All of these laws, if you ever know, are all heading in one direction: processing more at home,” Mafuriranwa said during a presentation titled Unearthing Value: Minerals, Beneficiation and the New Investment Rules in Zambia, Zimbabwe and Botswana.

Zimbabwe's planned prohibition builds on restrictions introduced in February 2026, when the government suspended exports of raw minerals and lithium concentrates before allowing conditional shipments to resume in April. The January 2027 deadline is intended to accelerate investment in domestic processing facilities capable of producing higher-value lithium products.

“A number of investors have already moved in to support this initiative. They are already setting up processing plants for lithium,” Mafuriranwa stated.

Zambia is similarly strengthening its domestic mining value chain as it targets annual copper production of three million tons by 2031, up from approximately 890,000 tons in 2025. Mafuriranwa highlighted the impact of maintenance at the country's largest smelter in 2025, which resulted in more than 270,000 tons of mineral material being exported without domestic processing.

“If these had been processed in the country, that would have been income to the country. But unfortunately, that is a loss to the country,” he noted.

The country is also advancing local-content requirements, with procurement reserved for domestic suppliers expected to increase from 20% to 40% over five years. Meanwhile, mining licensing reforms have reduced the stated application period from 90 days to 45 days, supporting efforts to streamline investment procedures.

Botswana, meanwhile, is seeking to diversify its mining sector beyond diamonds, which account for the majority of the country's merchandise exports. Copper discoveries along the Kalahari Copper Belt are opening new opportunities for exploration, production and downstream processing, supporting the country's efforts to broaden its mineral economy.

Mafuriranwa also highlighted the growing importance of environmental, social and governance (ESG) compliance in mining investment decisions, noting that environmental standards, reporting requirements and regulatory oversight are becoming increasingly central to project development.

“ESG is now part of the agenda. ESG is no longer a byword. It is no longer a brochure,” he said.

The regulatory shifts are creating distinct investment opportunities across Southern Africa, from copper production and processing in Zambia to lithium and gold beneficiation in Zimbabwe and copper and diamond value chains in Botswana. However, realizing these opportunities will depend on whether processing infrastructure, energy supply and investment can keep pace with increasingly stringent domestic value-addition requirements.