Mines Minister Christopher Yaluma has charged that Zambia like other African mining countries has not realised the full benefits from mining.
Mr Yaluma said mining represents potential wealth for many economies in Africa with a variety of benefits including job creation, export earnings, skills transfer,and industrialisation through value addition which have not been fully realised.
The Mines Minister was speaking on Monday evening in Cape Town, South Africa when he featured on a panel discussion during the launch of the State of Mineral Governance in Southern Africa report on the sidelines of the ongoing 2017 Mining Indaba.
Mr Yaluma said the report brings out key issues relating to sector performance and mineral governance across the Southern African region including the shortcomings and the possible interventions that can be adopted to ensure increased accountability and transparency in the sector.
He observed that it is important to take cognisance of the fact that over the years, African countries have been instrumental in implementing several initiatives aimed at increasing transparency in the extractive sector.
Mr Yaluma highlighted initiatives such as the Publish What You Pay, African Peer Review Mechanism (APRM), Extractives Transparency Initiatives (EITI), Kimberly Process Certification scheme (KPCS), the African Mining Vision (AMV) and many others aimed monitoring the behaviour of companies and government in an effort to increase transparency and accountability.
He said Zambia has not lagged behind and has been implementing initiatives such as the EITI.
“Zambia joined the EITI in 2009 as a candidate country and became compliant in 2012. The EITI process publishes information on payments made by the mining companies and revenues received by government from the mining sector,” Mr Yaluma said.
Mr Yaluma also announced that Zambia has commenced the domestication of the African Mining Vision which advocates for transparent, equitable and optimal exploitation of mineral resources to underpin broad-based sustainable growth and social economic development.
The Mines Minister is leading a high powered Zambian delegation to the Mining Indaba which includes Copperbelt Minister Bowman Lusambo, Deputy Secretary to the Cabinet Christopher Mvunga and officials from ZCCM IH.