Minister of Mines and Minerals Development Hon Richard Musukwa says the high price of copper on International market will enable mining firms to increase production.
Hon Musukwa says the price of copper on International market continue to increase which will give morale to the players in the mining sector.
He says this is good because once production increases the country will be able to generate enough revenue.
Hon Musukwa told Smart Eagles that there has been an increase in the production of electric vehicles which rely on copper, this is why the price has continued going up.
Hon Musukwa says the more advanced the technology becomes the more copper the industry will require.
“It is important that the players in the mining sector take advantage of what is prevailing on the market,” Hon Musukwa says.
“This is the time mining houses should invest more so that they can increase their production in order for the country to start exporting more copper.
Fellow countrymen and women, you are aware that the more we export the more foreign exchange we shall earn as a country which will be an advantage to our economy,”.
He says the prospect for the mining sector looks positive following what is prevailing on in the international market.
New electric cars use the same or less copper wiring than petrol cars in fact there is no alternator as it has batteries and other types of non copper wire
The minister knows nothing above modern technology
https://www.spglobal.com/platts/en/market-insights/latest-news/metals/011821-copper-price-to-rise-in-2021-analysts
Why is the price of copper going up?
In a research report, Madan Sabnavis, chief economist at Care, noted that LME copper prices hit a nine-year high in January this year to $7,961 per tonne and the surge is due to a supply crunch of copper concentrates — a result of disruption in mining operations, courtesy the COVID-19 pandemic.25 Feb 2021
Even if they increase production Zambia wont benefit with the current crop of leaders.
Cosmos, Electric Vehicles (EVs) use approximately 5 times more copper than the gasoline/petrol propelled one….from their design and construct to the supporting charging ports, copper consumption is increased. What we need as Zambia is how do we position ourselves in the value addition chain in order to maximize the benefits to us..
PF time out. You are failed to recognize the existence of GRZ, intellectual properties.
“If you have something in reserve, you have it available for use when it is needed.”
Where do the Proceeds of Copper go?
To what extend do sales of copper influence the Zambian Kwacha ?
Before privatisation, all proceeds of exports used to come back to Zambia!
Just bring back the aborted SI No. 55 of 2013!
President Chiluba started the negotiations to write off Zambia’s debt. His bid for third term scuppered the efforts. Then Levy came in and showed that he would fight corruption. In 2005, the whole world listened and had confidence in Zambia. Billions of dollars debt was written off. Now we are back to what we had with Chiluba. Lungu’s talks with the IMF are going nowhere because nobody believes that this government is fighting graft and corruption. If we get a new government in August, flood gates of goodwill will open and Zambia will be better off by end on 2022. PeeeFu masti go.
Has copper helped develop Zambia or it is the world out there who enjoy the profits from copper, just mining copper and no dividends is a joke better we do away with it.
Better we go into farming and other products than keep on digging holes which finally be dangerous to our people.
HIGH PRICE FOR COPPER ON THE INTERNATIONAL MARKET WHICH IS DETERMINED BY THE CUSTOMERS does not work for Zambia. IDC through LENCO or non-public COMPANIES should partner with other international corporates to start manufacturing batteries, electric car spares and electric cars themselves. They should also start manufacturing street power points for charging electric cars. Really, I wonder how/what our economicists think! Can’t they advise our government on where the world is heading to in terms of technologies?
Ministry of higher education- please, wake up, design and offer course according to the new trends. WHY can’t Africans wake up. Exporting raw materials have never developed countries. Processing those raw material has in a massively big way. Malaysia is a living example who…
from 9
…Processing those raw material has in a massively big way. Malaysia is a living example who bought a bag of coconuts from Ghana, created plantations and developed coconut processing industries.
THIS PRICE INCREASE DOES NOT HELP ZAMBIA IN ANY WAY IN 1987 WHEN I WAS ON THE MINES
THE PRICE OF COPPER WAS U$3000.00 .THE NATION THEN WAS IN POVERTY
TO DAY AT ABOUT U$ 7600 WE STILL IN POVERTY .
EVEN WHEN YOU PRODUCE COPPER YOU ALLOW OTHER NATIONS TO TRANSPORT YOUR
COPPER, WHILE ZAMBIAN TRUCKS ARE PACKED SO WHERE IN THE COPPER CHAIN ARE YOU GOING TO BENEFIT
SALARIES? YOU NEED TO START THINKING DIFFERENTLY
USE COPPER LOCALLY IS THE ONLY BENEFIT WE CAN GET LET THE CHANISE BUILD PLANTS TO PROCESS LOCALLY
THEN VALUE ADDED WE WILL BENEFIT OTHERWSE ONLY A FEW OF YOU WILL BENEFIT
WHAT THEY ARE USING THE COPPER FOR IN CHAIN CAN NOT ONLY BE DONE IN CHAIN
All copper is exported to China and Zambia will get nothing , Why would china build factories in Zambia to give jobs away from china men , the only way forward is to bypass China to the western consumer and that means getting investors to set up in Zambia but cut the red tape we have now, this is what both Malaysia and Vietnam have done, beat China at it’s own game, but PF officials are being looked after by China.
Copper production and prices up but pot holes and standard of living keep going down. What is the problem with us people??? Let us look at ourselves honestly and because unless we change our mindsets no matter who is running this country we will always be having the same problems.
LT, if you should be blocking anybody, it surely must be people like COSMOS above. He has no clue of what he is talking about. First he has to be corrected that EVs use 5 times the quantity of copper compared to gasoline powered vehicles. Now he comes up with the notion that all the copper is exported to China and that we need to bypass the China-man. He does not know that the mining houses taking the copper to China actually own the mines and free to sell to whoever goes into contract with them! ours is a bit part from royalties and Taxes…