Government has refuted claims by the opposition MMD that lack of clarity by the PF on its economic policy has raised uncertainty among potential investors.
Mines and mineral Development Minister Wilbur Simuusa has told QFM that under the PF government there has been overwhelming response from the potential foreign investors who have expressed interest in investing in Zambia especially in the mining industry.
Mr. Simuusa noted that the PF government would also ensure that it keeps on promoting foreign direct Investment in flow saying this greatly contributes to the growth of the economy.
And Mr. Simuusa has also told QFM that the ministry has intensified mine inspections to ensure that mining companies comply with the standard safety measures.
Mr. Simuusa noted that the ministry is committed to ensuring that the lives of the mine employees are safeguarded.
He has since warned mines that would be found breaking the safety regulations of stern penalty action.
Meanwhile, Chinese ambassador to Zambia Zhou Yuxiao says his office recently conducted a research on the Chinese owned mines to see whether they were complying with the safety measures.
Ambassador Zhou says the research reviewed that the Chinese owned mines with only account for about 5 percent of the mining activities in the country met the required standards of safety measures.
The envoy notes that what prompted him to carry a research was as a result of the negative reports that had spread concerning the Chinese investment in the country.
He however, added that he was aware of the few cases involving Chinese investors who could have abrogated the laws and added that the Chinese investors that will be found wanting should be prosecuted.
Ambassador Zhou was speaking to QFM news.
QFM
They have confidence but stop shutting down civil society. They are our voice and without the voice, corruption is inevitable. You will cry once PF is out of power.b Gentlemen we need to build more prisons to accomodate more plunder convicts after PF rule.
investors will always prefer an environment free from corruption and getting their contracts on merit……we need a better zambia…..big ups PAFWAKA government
Kadya Nkena Mbiri Ni Ya Khoswe
Mr Minister you can’t say that with the fate of Zamtel and its Lap Green investors still up in the air.Other potential investors are watching how that unfolds thus their confidence in the PF government is not assured.
With ZANACO sale being probed and DPP given those instructions…investors must be on their marks, ready…., GO!
It is your job bwana minister to keep a positive face for the nation. Loss of confidence by investors if true will take time to show. I hope you do not wait too long only for symptoms to show later. It is better to address issues now, while the good will is still there. As for PF you need to go above board as the expectations are too high from your govt. I wish you well PF govt and the supporters. For supporters remain true to the good cause only and not supporting blinding like was the case with MMD supporters.
Mines Minister u r one of the cream of pf. thumbs up for u
INVESTORS WILL NEVER LOOSE CONFIDENCE IN ZAMBIA ESPECIALLY THAT WE HAVE MINERALS. TELL ME WHICH COUNTRY IN AFRICA HAS LOST INVESTOR CONVIDENCE? LET US BE REALISTIC AND WAKE UP ZAMBIANS. CONGO ZAIRE DESPITE CIVIL WAR STILL HAS INVESTORS FLOCKING THAT COUNTRY TO MINE COPPER. ZAMBIANS LEARN TO PUT INTEREST OF YOUR COUNTRY ABOVE ANYTHING. THESE INVETSORS AND ESP FOREIGHN MISSIONS THREAGHTEN YOU WITH STATEMENTS SUCH AS LOSING INVESTOR CONFIDENCE, THIS IS DOES NOT. THE WORLD ECONOMIES AND POPULATION ARE GROWING AT A FASTER LATE AND DEMAND FOR RESOURCES IS ON THE INCREASE EVERY WHERE. IF ONE INVESTOR DECIDE TO PULL OUT, HE IS JUST GIVING CHANCE TO MANY OTHER TO COME AND INVEST IN THE SAME BUSINESS
Logic by number 8.What brings investors is what they want and that which Zambia has.Investors go everywhere in serch of business prospects which zambia has.Indeed let’s wake up zambians otherwise we will be called lake zambia where the so called investors simply fish and go.
Simusa is a very lazy person just look at the way he is sitting as if everything in the mines are ok when in actual facts things are not. His own constituency the roads are in bad shape you can hardly drive in any of the Nchanga North Township roads as your vehicle will immediately turn into a wheelbarrow. The president must ensure that this man is transfered some where else as he was once a UPND cadre and aspiring candidate mp. Wake up my friend or we will sought you out this time.
No 8
You need to talk with facts. The uncertainty in policy in South Africa has seen massive de-investment in the South African mining industry. Major companies which have pulled out of South Africa include: Anglo-America (selling Scaw metals, share in Parabora mines), DeBeers, BHP-Billiton (all the coal mines are being sold, already sold its stake in chrome mining) Rio Tinto (selling Parabora mining), Anglo-America (sold its Black Mountain Zinc operations). South Africa is now classified as a poor investment destination in terms of mining. The fact is in the corridors of mining, You are more likely to get investment going to Mali, Ghana or Tanzania than South Africa. So of you think just because you have minerals in Zambia investors can not leave you are living on an island.
#10 do you know how long it takes to rehabilitate roads in a constituency?
90 days – according to PF!!!
Investors have pulled ou b4 even in Zambia……policy stability is vital. r we still practising liberalisation or we r back to nationalistic policies of socialism. we need a pronouncement in that regard
Iwe #8 that has occured many times.Investors fear Mexico due to the ongoing drug war,they fear Spain & Greece due to massive deficits,debt and the likely hikes in taxes.Also investors avoid Egypt & Libya due to the situation that still is not stable and they feared Zambia after Sata threatened hardline approach towards chinese investors.
This can only be judged using ZDA annual investment figures. Look at the figures for the last few years and compare it with the PF figure at the end pf the year. My prediction is things will look very very embarrasing.
Does anyone have any information as to when the moratorium on issuing of mining licences will be lifted? Publically we are told end of January but anything more specific? Until this is done then the uncertainty will remain…
Thank you
# 8 Which investors are flocking to Zimbabwe, Afaganstan, Burma or Muchinga province for that matter. To build investor confidence in a nation takes not only time but lots of factors. Demand and availability of resources alone does not imply you have a queue of investors on your door. Investment matrix comes into play and aversiveness and expropriation signals are currently high in Zambia.
How can investor lack confidence to do business in Zambia? They love dealing with corrupt chaps and Zambia is fertile ground for that in our Governments. Zamtel and the Investors Lap Green, Roan mines and the Idians can confirm that clearly.
So i agree with you fully. Even local investors like Sata in Merzaf Flats have confidence in our gorvernment to invest.
Any country will always attract investors in its resources. Â The question therefore is – what quality of investor? Â Look at eastern DRC that is unstable. Â There is hardly any credible international mining firm there but lots of illegal dealers who fly in and out in their jets. Â They also are investors but hardly desirable. Â Zambia risks attracting the dregs of investors if we continue like this. Â We will only get the mafioso from Kazakhstan and refuge Taiwanese invetors. Â When Anglo left KCM in 2002, Zambia could only attract Sterlite/Vedanta, a dodgy Indian mining firm; hardly quality investors, but that is what you get when you have lost investor confidence.
KCM HAS BEING DESTROYED BY THE SO CALLED VEDANTA INDIANS
even zambians can run this mines. discipline fye
Ata se. You forget when Kaunda was losing this country one million dollars a day with Zambians running ZCCM
Those days are over.
Mining is not for government it is for mining corporates
The moratorium is a great hindrance to investment.
A company wants to invest milllions of dollars in the Eastern Province has been waiting since October, creating jobs for a lot of Zambians but this suspension is in place.
If the government is not clear and transparent, how long can we expect the investor to wait?
If it was my money I woul be looking to invest in something else.
They have to raise finance and if they’re asked how long till the moratorium is lifted, they can’t answer