Zambia is back. For anyone who has tracked the oscillating fortunes of the African Copperbelt over the last two decades, that statement might sound like wishful thinking: or a warning. But the data doesn’t lie. As the global race for “green” metals shifts from a sprint to a marathon, the spotlight has swung back to the world’s premier copper jurisdictions.
Enter Makor Resources. The Australia-based outfit, led by American entrepreneur Brooke Bibeault, isn’t just dipping a toe into the Zambian soil. They are diving in with a $30 million expansion plan that signals a major shift in how junior miners are approaching the region. This isn’t the speculative “land grab” of the early 2000s; it’s a calculated, district-scale play aimed at the heart of the energy transition.
The $30 Million Bet on a Triple-Output Dream
Zambia has set an audacious goal: tripling its copper production to 3 million metric tons per year by 2031. To put that in perspective, that’s roughly the equivalent of adding another Chile to the global supply chain in less than a decade.
Is it possible? Maybe. Is it expensive? Absolutely.
Makor Resources is putting its capital where the geology is. The company has officially launched operations in Zambia with a phased investment strategy that starts with a $2-3 million commitment this year. That’s the “scouting” phase. From there, they plan to scale up to $20-30 million for high-confidence targets across their newly assembled portfolio.
The strategy here is about scale and structure. Makor has managed to consolidate district-scale exposure across the most prospective corridors in the country: Kasempa, Mkushi, Mumbwa, Kitwe, and Ndola. By targeting these specific regions, they aren’t just looking for a single deposit; they are looking to own the “vanguard” of the next generation of Zambian mines.
Bridging the Supply-Demand Chasm
The narrative surrounding copper is often dominated by the “Big Three”: Freeport-McMoRan, BHP, and Codelco. While Freeport launches permitting for a $7.5B Chile expansion, the industry knows that massive brownfield expansions won’t be enough to satisfy the hunger of the AI revolution and the global EV pivot.
Brooke Bibeault, CEO of Makor Resources, is blunt about the reality facing the market. According to Bibeault, the structural deficit isn’t a future problem: it’s a current crisis.
“The gap between current copper supply and projected demand isn’t just a rounding error; it’s a canyon,” Bibeault noted during the launch. “We are seeing a massive structural shortfall that cannot be solved by incremental gains at existing mines. We need new jurisdictions, new discoveries, and, frankly, the courage to operate in regions that have the geological endowment to move the needle.”
She’s right. You can’t disrupt geology. While other firms are assessing and monitoring open-pit mine highwalls to squeeze an extra 1% of efficiency out of aging assets, Makor is looking for the “meat” of the Copperbelt.
A Portfolio Built for the Long Game
Makor’s footprint in Zambia isn’t random. It’s a “structurally coherent” portfolio, focusing on corridors that have historically been overlooked or under-explored due to previous regulatory instability.
- Mumbwa District: Home to the Muli Copper Project, Makor’s flagship greenfield asset. It’s sitting just 30 kilometers from Sinomine’s Kitumba deposit. In mining, proximity isn’t everything, but it’s a hell of a start.
- The Copperbelt Core (Kitwe/Ndola): These are the heartlands. By securing land here, Makor is betting on the infrastructure already in place.
- The Western Frontier (Kasempa): This is where the big upside lives. It’s frontier territory with the potential for massive, high-grade discoveries.
The focus on unlocking the potential of the mine-to-market value chain is evident in their approach. By spreading their $30 million across these varied districts, they are effectively de-risking their exploration profile. If one corridor stalls, another likely thrives.
Caption: A map of Makor Resources’ strategic holdings across the Kasempa, Mkushi, Mumbwa, Kitwe, and Ndola corridors in Zambia.
Government Support: The Kawana Factor
In the mining world, geology is the “what,” but government is the “how.” Without political buy-in, the best copper deposit in the world is just a very expensive pile of rocks.
Zambia’s current administration seems to understand this. Thabo Kawana, the Permanent Secretary for Information and Media, has been a vocal supporter of Makor’s entry. The government is moving aggressively to shed the “risky” label that dogged the country under previous leadership. They are streamlining permitting and actively courting Western capital.
“The support from the highest levels of the Zambian government has been instrumental,” Bibeault noted. “They aren’t just asking for investment; they are creating the conditions where investment can actually succeed.”
This alignment between the state and the private sector is critical. As we’ve seen in other regions, the $2.5B reversal in Chilean courts shows how quickly a project can be derailed by regulatory shifts. Zambia is trying to prove it can offer a more stable alternative.
Technical Precision in Exploration
Makor isn’t just throwing money at the ground. Their exploration approach is data-heavy, relying on integrated geological interpretation, geophysics, and corridor-scale target generation. They are looking for the “signature” of world-class deposits.
In the mining industry, how data analysis is revolutionizing the mineral mining industry is no longer a buzzword; it’s a survival requirement. Makor is using these tools to identify high-confidence targets before they commit the bulk of that $30 million expansion capital.
The goal for 2026 is clear: prove the concept at Muli and the other priority sites, then scale. With the nearby Kitumba project advancing, the regional data density is increasing, which only makes Makor’s job easier. They are benefiting from a “network effect” of exploration where every new drill hole in the district adds value to their own interpretation.
The Strategic Calculus
Why does this matter to the average investor or industry veteran? Because the “middle ground” of mining is disappearing. You either have the massive, low-grade operations of the majors, or the nimble, high-upside plays of juniors like Makor.
There is a growing realization that the demand for maintenance technicians and skilled labor isn’t the only bottleneck: it’s the project pipeline itself. By moving into Zambia now, Makor is positioning itself as a primary source for the copper that the world will desperately need by 2030.
The $30 million expansion isn’t just about finding copper. It’s about building a platform in a country that is desperate to reclaim its title as a mining superpower. Zambia’s 3-million-ton target is high-stakes, and companies like Makor are the ones doing the heavy lifting to get there.
Looking Ahead: The 2026 Outlook
As we move through 2026, keep an eye on the drill results coming out of the Muli Copper Project. If Bibeault and her team can deliver the “high-confidence targets” they’re promising, that $30 million figure might look like a bargain.
The “New Vanguard” title isn’t just marketing fluff. It represents a new breed of mining companies: leaner, more data-driven, and willing to work in partnership with host governments to solve a global supply crisis.
Zambia has the rocks. Makor has the plan. The market has the demand. It’s a potent combination, provided the geopolitical winds stay favorable. For now, the signal from Lusaka is clear: the doors are open, the copper is there, and the expansion has only just begun.
