The Zambia Chamber of Mines has urged the government to take advantage of the positive rating of the country by Fitch ratings and put the mining industry back on the growth path.
Zambia Chamber of Mines President Godwin Beene said the upgrade is an opportunity for the country to seize control of the market narrative.
Dr. Beene explains that the upgrade is an opportunity to leverage the record bullish copper demand outlook to build more momentum and seize control of the market narrative.
He noted that Zambia has always had an opportunity to attract world-class mining investment into its internationally renowned mineral exploration and production potential which the world mining investment community views with continuing interest.
He explained that it is also a good opportunity for local potential mining investors to showcase their projects on the world mining stage on the back of the favourable rating.
“The upgrade by Fitch is a great opportunity for Zambia to latch onto this positive assessment by a major international investment house, which will be a boon for both local and international investors,” he said.
Dr. Beene emphasized that there has never been a better moment for the government to reset the narrative than now.
He added that by removing the impediments to investment in the mining sector, the government can lock in a solid production increase outlook upon which to base the restoration of broad-based economic growth.
This is according to a press statement issued to the media by the Zambia Chamber of Mines Communications Manager Talent Ngandwe in Lusaka today.
Recently, the Fitch Ratings upgraded Zambia’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to ‘CCC’ from ‘CC’ and has affirmed Zambia’s Long-Term Foreign-Currency (LTFC) IDR at ‘RD’.