Minister of Mines and Mineral Development, Hon Christopher Yaluma has said Zambia remained one of the most favorable Investment destination in Southern Africa.
Speaking at the on-going Africa Mining Indaba being held in Capetown South Africa, Mr Yaluma also took the opportunity to dismiss remarks made by former Nigerian President Olusegun Obasanjo, that Zambia was experiencing inconsistent mining policies.
Hon Yaluma said that the country had attracted some of the world’s largest mine houses which was a good demonstration to its favorable investment climate.
And Hon Yaluma has stated that government developed a new mining policy in 2014, to create a competitive, thriving and sustainable mining Industry that benefited both investors and the people of Zambia.
He said the policy aimed at increasing private investment in the sector and increased participation by Zambians as owners, suppliers and as employees.
He said the new policy was aimed at achieving increased revenue to government and promoted transparency and accountability through close monitoring of mineral production.
Hon Yaluma also said the new policy also aimed at spurring growth in the industrial, manufacturing and other sectors.
He said also helped revise the main legal framework; the Mines and Mineral Development Act no. 11 of 2015.
He said the new policy also helped establish new mines through exploration
He also said government had intensified efforts in oil and gas exploration and was calling for investment in the sector.
He said Zambia had a favorable investment climate in Zambia had this was confirmed by existing mines and and green field investments in copper production that had risen to 770,597 in 2016.
He said the country was also promoting diversification in the mining sector by focusing on the gemstone (emeralds, amethysts, tourmaline), industrial minerals(limestone, granite, phosphates) and energy minerals (coal and uranium).
He said government had raised efforts to ensure that there was adequate investment in the energy sector which was critical to the mining sector.