The Industrial Development Corporation (IDC) has signed a strategic letter of intent with Rong Xing Investments, the Zambian subsidiary of China’s Jin Xung Resources, to jointly develop upstream mining projects and expand local copper processing in Zambia.
The partnership is pitched as a direct contribution to Zambia’s Grow Zambia target of producing 3 million metric tonnes of copper annually by 2031. It pairs Rong Xing’s established metal processing operations with Jin Xung’s financial muscle and IDC’s mineral portfolio, with the aim of building a value chain that runs from mine to smelter within the country.
IDC CEO Mr. Cornwell Muleya said the agreement serves two purposes: expanding Zambia’s mining space through upstream projects and building beneficiation and processing capacity at home.
He noted that Rong Xing already has processing capacity in Zambia and plans to double it this year. What reassured IDC most, he said, was that the partners bring both mining expertise and a dedicated budget, so the project will be well funded from the outset.
Mr. Muleya described the ceremony as the start of a final investment commitment between the parties.
Speaking for Rong Xing, Jin Xung Resources Chairman Mr. Yuan Rong praised IDC’s leadership and said the deal responds directly to the Grow Zambia agenda championed by President Hakainde Hichilema.
Rong Xing has operated in Zambia’s mining sector for 10 years, while Jin Xung plans to invest heavily in upstream mining over the next three years.
Mr. Yuan said the cooperation rests on two pillars. The first is raw material supply, with Rong Xing serving as a local processor that converts IDC’s mineral resources into refined copper, generating revenue, supporting local MSMEs and creating jobs for young Zambians. The second is the joint development and de-risking of upstream mines.
‘Actions speak louder than words,’ he said, pledging to work with IDC to turn the letter of intent into bankable projects.
