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Alba Iulia
Saturday, October 31, 2020

Zambia plans to diversify from Copper to Gold mining

Economy Zambia plans to diversify from Copper to Gold mining

Government says it will continue to diversify the mining sector from copper to gold mining.

Minister of Finance said government expects the Zambia Gold Company to go full throttle in spearheading the mining and trading of gold in the country.

Presenting the proposed 2021 national budget, Dr Bwalya Ng’andu said it is important that the country optimizes and benefits from its vast mineral wealth.

Dr Ng’andu also announced that government is actively working towards finding a strategic investor to improve operations and production at Konkola Copper Mines (KCM).

He said government will expect the new investor to make firm commitments to developing the mine and support the domestic supply chain.

The minister said government is in the process of negotiating with Glencore on terms of acquiring additional shares in Mopani Copper Mines.

Dr Ng’andu has yesterday unveils a K119.6 billion proposed 2021 national budget to parliament.

18 COMMENTS

  1. Loving the greeting in parliament. To the lecture at hand, one can only hope that this newly found gold wont all end up in foreign companies’ hands. If government is smart, it will go a step further – invest part of the national wealth in gold reserves and use it to trade on the international currency market. Gold is much more sustainable than the Kwacha.

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    • Let’s hope that they don’t give it away as they have done with copper, only getting back “change” after huge sums have been taken out of the country.

  2. Yeah indeed! Transparency, transparency and transparency is what is needed to run this properly. The LSE (Lusaka Stock Exchange) would become the go to market if we strengthen our gold reserves. That in turn will strengthen the kwacha as the currency will now have some real meat (gold) around its bones. We don’t want to make the same mistakes as we did with the copper mines where they all ended up in foreign hands. If I read between the lines, we are now pleading with Glencore to give us back a little more shares into our own copper. Shame:

    Google: Stealing Africa – why poverty?

  3. Excellent stuff. We have the resource so it only makes sense to tap into it and to ensure that our people benefit. It is disappointing to have seen a few crooked thugs stealing this gold few weeks ago by illegally mining. We ask everyone to exercise patience

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  4. Angola has had oil for close to 50 yrs now. Those riches produced Isabel dos Santos and her billions and lots of poverty elsewhere. It’s resource husbandry that counts and not the quantity of resource endowment. I don’t see gold doing anything for Zambia if the same rotten ways of spending public funds continue.

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  5. We as Zambians do not want to be disappointed again in mining agreements as we have had nothing to talk about with the copper mining taking place in Zambia.
    Our mines only benefits foreigners who come to take our copper, this time we must prove ourselves intelligent enough to talk to the crooked investors who come to loot.
    Just imagine how mines were sold on a song by Mwanawasa no wonder that Indian was boasting how he got that out of nothing.
    Really we should blame ourselves for such wrongs Mwanawasa was not a miner to know the value of the mines , and yet we have professional mines engineers produced by our highest institutions. Why didn’t he consult them before making such a deadly mistake.

  6. Valuation is not an exact science and depends on a lot of assumptions and capacity of your negotiators the dynamics of the market at the time ofsale, including of course if the buyer feels u are desperate to sell. That said, Mwanawasa’s government sold only KCM but was brave enough to impose a windfall tax.

  7. Valuation is not an exact science and depends on a lot of assumptions and capacity of your negotiators, the dynamics of the market at the time ofsale, including of course if the buyer feels u are desperate to sell. That said, Mwanawasa’s government sold only KCM but was brave enough to impose a windfall tax.

  8. This is want hh’s friends don’t want to hear …but privatization, We are tired of privatization.. Let’s go back to nationalization. Privatization crim.inals like hh benefited to much. HH is a crimi.nal i quote. Behaving like a monkey in a field.

  9. Isn’t the title of this article misleading? Article says little about gold production but so much about revamping stakes in KCM and Mopani, which are predominantly copper mining undertakings. LT am I missing something?

Comments are closed.

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