Government has reaffirmed its commitment to revive the mining sector and make it more responsive to the current global demand through increased mineral production.
Finance and National Planning, Minister Situmbeko Musokotwane, has observed that Zambia has potential to rekindle its position of being the highest copper producer in Africa and improve its economic trajectory.
Dr Musokotwane however, noted that this can only be done if the country puts in place deliberate policies aimed at attracting sustainable investments that promote the growth and economic contribution of the sector.
He cited stable and predictable policies, realignment of the mining taxation regime and creating a long-term credibility that builds confidence in investors that makes them feel their investments are safe.
Dr Musokotwane said this in Lusaka today during a Ministerial panel on achieving 3 million tons of copper production at the ongoing first Mining and Investment Insaka.
” From the 1960s-1970s Zambia used to be one of the highest copper producers, more than Democratic Republic of Congo and Chile and its economy was performing, now we have gone down, we need to get back to position by supporting increased copper production and diversifying in the mining sector,” he said.
He explained that Government will continue to implement a stable taxation system, invest in infrastructure development such as roads, railway and reliable power supply in order to resuscitate the potential that the mining sector plays towards contributing to economic growth.
Dr Musokotwane added that to this effect, Government is implementing a Public Private Partnership (PPP) model of infrastructure development which is currently standing at about 1 billion United States Dollars where the sector is likely to benefit through improved transportation systems.
At the same panel, Minister of Mines and Minerals Development, Paul Kabuswe, said the country has in the last three years put in place stringent measures aimed at improving the performance of the mining sector and its contribution to the country’s Gross Domestic Product (GDP).
Mr Kabuswe noted that this is why Government came up with a target of copper production of 3 million tons by 2031, adding that so far efforts are being made to achieve the target through various legislative reforms and policy regulation.
He pointed out that the Ministry in 2022, came up with a new mining policy which clearly stimulates the investments in both the brown and Greenfields and the potential which lies in the two fields.
He added that Government has also embarked on a 90 million dollars geological and mapping survey which will be done in 24 months and is aimed at intensifying the geological survey and exploration that will help to attract more local and foreign investments to the country’s mining industry.
” We believe we have natural resources that can change the economy of this country, all we needed where good policies that makes investors comfortable, and as the Ministry we are doing a lot to bring back Zambia on its track when we talk about mining, right now we a doing high resolution geological survey and mapping to know exactly the worth of the minerals we have, the type and where it is found,” said Mr Kabuswe.
Different local and foreign investors and other delegates attending the insaka were part of the meeting.
