The government has in the last three years attracted more than 10 billion dollars of investment in the mining sector.
Minister of Mines and Minerals Development Paul Kabuswe has attributed the rise in investments in the mining industry in the country to the good, stable, and predictable policies and reforms that the government has put in place.
Mr Kabuswe said this in Cape Town South Africa, when he addressed investors, captains of the mining industry, and other stakeholders during the Zambia country showcase at the ongoing investing in African Mining Indaba.
He explained that unlike in the past, government now has embarked on a programme to revitalise the mining industry that promotes a win- win situation for the government, investors and the community.
He assured investors in the mining sector that due to this Zambia is a preferred investment destination as the government has put in place a lot of measures to improve the performance of the industry such as stability in the economy and policy consistency among others.
Mr Kabuswe said the country so far has recorded increased investment deals that have resulted in increased mineral production.
He added that the government is committed to improving the operations of the mining sector due to the role that it plays in the country’s economic performance.
He cited Mopani Copper Mine, Konkola Copper Mine, Kansanshi, Lumwana, Lubambe, and First Quantum Minerals as some of the companies that are undergoing rejuvenation and expansion in order to increase production in line with a three million metric tonnes copper production target that will eventually benefit the Zambian people.
“From the 2022 investing in African Mining Indaba which the President attended, a lot of investment and not pledges but real investments to a tune of 10 billion dollars have been recorded in Zambia,” he stated.
The Minister further added that as much as the government wants to run a private sector led economy but will ensure that the interest of the local people is protected hence encouraging Zambians to engage in artisanal mining.
He pointed that to this effect the government is revising the law on Issuance of mining licenses to make them accommodative to people planning to engage in small-scale mining.
“Zambia’s attendance at the mining indaba shows the seriousness we attach to the sector, and we are part of the global village hence we are here to showcase what we have to offer, if you are not mining in Zambia then you not in the business of mining because Zambia is the best mining destination so far,” added Mr Kabuswe.
Zambia Consolidated Copper Mine Investment Holding (ZCCM-IH) Board Chairperson Kakenenwa Muyangwa said his organisation has a mission to foster partnerships and collaboration that are key to the growth of the country’s mining sector.
Mr Muyangwa noted that the ZCCM has in the last few years worked towards unlocking the potential of different mining companies to increase production in the sector.
In the energy sector, Copperbelt Energy Company Chief Financial Officer Mutale Mukuka said the company has embarked on a number of projects and is planning to spend about 225 million dollars this year to ensure sustainable power supply owing to the drought that affected the country.
Mr Mukuka noted that apart from the 160 megawatts power plant which will be operational this year, the company is also investing in renewable energy technologies and other alternative energy sources.
And Mopani copper mine Chief Executive Officer Charles Sakanya has pledged to contribute about 10 percent to the three million metric tonnes copper production target by 2031, adding that the company is also considering to work with small scale miners as an off taker.
Meanwhile, ZANACO Chief Executive Officer, Mukwandi Chibesakunda said the bank has spent over 247 million dollars in financing projects in the mining sector.
