Rio Tinto a leading global mining group says it is investing in mineral exploration in Zambia.

Rio Tinto which has been doing extensive mineral exploration in Zambia also is hopeful that they would embark on developing a mine once exploration is successful.

Company Director of Exploration, Dr. Ken Tainton said the company is focused on finding and mining copper and cobalt in Zambia and is hopeful that the current exploration work will result in mine development.

Speaking when he met the Zambian team, Dr. Tainton said the company is spending $250 million dedicated to mineral exploration world-wide, and that the substantial amount was being spent in Zambia.

He said the company has engaged in joint ventures with licence holders and employs local staff adding that the company uses local drilling companies for its work.

And Minister of Mines and Minerals Development Richard Musukwa says government is keen to guarantee security of tenure for mine licence holders.

He said government recognized that mine houses expected financial return on their investment and an ideal environment has been made available in the country.

And Deputy Secretary to Cabinet, Christopher Mvunga said government recognized that it needed to provide a business-friendly environment to allow the private sector to create jobs and pay taxes.

Mr. Mvunga said the recent revenue and tax measures were designed to encourage benefits to the local economy but would not stifle investment and growth to the sector.

He called on mine houses to involve local communities, small scale miners and suppliers in their value chain.

According to a statement issued by Emmanuel Mwamba, the Zambian High Commissioner to South Africa, Mr. Musukwa said government was open for dialogue for any mine house that anticipated challenges with the recent tax changes.

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4 COMMENTS

  1. The Zambian government should put in place a requirement that mining ventures should be done with a percentage ownership by locals.

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    • Rio Tinto, Anglo America and De-Beers are the last remnants of the British South Africa company which was funded by the richest Jewish family of the last century, namely the Rothchilds. These guys were so rich they funded most of the European monarchs and funded so many lending institutions Goldman Sachs, Lehman bros, even Reuters the news agency was started by them. You must understand that they still believe that the mineral rights of Zambia belong to them because of what a Lozi chief in ignorance signed almost 200 years ago. When Mwanawasa refused to entertain Oppenheimer’s offer to claim the mines at a fraction of their value they left hoping the nation would return begging for them to come back, this is why I for one will always be grateful to First Quantum who were bold enough to…

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    • Ctn… First Quantum who were bold enough to seize the opportunity to invest in the mining sector. The importance of what FQM did can not be overstated because most mining companies at that time were leaving Zambia and for FQM to pump in so much investment showed the confidence a major mining firm had in our country which then saw the KCMs, Mopanis etc also flocking to invest.

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