Zambia is pushing an ambitious plan to establish a Pan-African minerals and metals exchange, a move the government believes could help African countries retain more value from their vast mineral resources instead of exporting raw materials with limited local economic benefits.
The proposal forms part of a broader continental drive to increase local participation in mining value chains and strengthen Africa’s influence in global commodities markets.
President Hakainde Hichilema, who is seeking re-election in next month’s polls, has included the initiative in his party’s election manifesto. If re-elected, the proposed exchange is expected to become a priority for the new administration, with discussions on implementation beginning immediately.
According to Jito Kayumba, Hichilema’s adviser on finance and investment, the proposed exchange is intended to ensure that African nations benefit more directly from the minerals extracted within their borders.
“The desire of many young Zambians as well as a lot of Africans across the continent is to be greater participants in the minerals that come from their soils,” Kayumba said. “There’s been growing discontent.”
Kayumba said the exchange would encourage more mineral output to remain within Africa for processing and value addition before reaching international markets, helping generate jobs, industrial growth and higher returns for producing countries.
He added that citizens increasingly expect governments to ensure natural resources contribute more meaningfully to domestic economic development rather than primarily benefiting foreign markets.
The proposal comes as several African governments, including the Democratic Republic of Congo, Guinea, Ghana and Zimbabwe, adopt policies aimed at expanding domestic mineral processing, increasing local ownership and, in some cases, restricting exports of unprocessed minerals.
Zambia’s initiative aligns with this wider trend of seeking greater control over strategic resources that are becoming increasingly important to the global energy transition.
The planned exchange would build on Zambia’s existing metals trading joint venture with global commodities trader Mercuria Energy Group. Kayumba said establishing Zambia’s own metals trading business would help secure mineral supplies for a future continental exchange.
The Democratic Republic of Congo has also entered similar trading arrangements with Mercuria after securing offtake agreements from major mines in which the state holds minority stakes.
Kayumba revealed that Zambia has already discussed the proposal with the Democratic Republic of Congo as well as two other African countries, although he declined to identify them.
“The actual process to start to engage in this program would essentially commence immediately,” he said.
The proposal emerges as Zambia seeks to expand its mining sector and leverage strong global demand for copper and other critical minerals. Investors are also closely watching whether the country can translate significant investment commitments into higher production while advancing local-content policies designed to increase domestic participation in mining supply chains.
If implemented, the Pan-African minerals and metals exchange could become one of the continent’s most significant efforts to reshape mineral trade, giving African producers greater influence over pricing, trading and value addition while supporting industrialisation across resource-rich economies.
