9.5 C
Alba Iulia
Friday, November 26, 2021

Mining firms in Zambia call for predictable environment to spur investment

Economy Mining firms in Zambia call for predictable environment to spur investment

The Zambia Chamber of Mines says a supportive environment, stable policies and exploration are key in the long-term future of the mining industry in Zambia.

“There is great potential for the mining sector to play a large role in the global energy transition from fossilized energy sources to metals like copper. Copper prices will remain competitive in the foreseeable future so we need to take advantage and grow the industry in a sustainable manner,” said Godwin Beene, the Chamber Presenter said in a release.

Dr Beene said while some immediate changes are needed to signal that Zambia was open for investment, other areas of mining fiscal regime will still require further analysis and discussions to determine the best way forward.

While saying that the government’s aspiration for the mining industry to reach 3 million metric tons in annual production was “music to the ears of the industry,” Dr Beene urged the government to continue with the stability assurance thrust.

Making a brief presentation to the Minister of Finance at a consultative meeting held at the Ministry of Finance and National Planning Headquarters in Lusaka and after presenting a concept paper entitled A FRESH START: RECOVERY THROUGH GROWTH, Dr Beene said the Government’s aspiration for the mining industry to reach 3 million metric tons annual production within the next ten years was “music to the ears of the industry” as it depicts the long-term placement of the industry as a key player in the economy.

“There is great potential for the mining sector to play a larger role in the global energy transition from fossil energy sources to metals like copper,” said Dr Beene, adding that, “a supportive environment, stable policies, and exploration, are key in the long-term future of the mining industry in Zambia.

“Copper prices will remain competitive in the foreseeable future so we need to take advantage and grow the industry in a sustainable manner,” he told the Minister.

Dr Beene appealed that while some immediate changes are needed to signal that Zambia is open for investment, other areas of the mining fiscal regime will still require further analysis and discussion to determine the ‘best go-forward position.’

He concluded his remarks by urging the Government to continue with the stability assurance thrust.

Dr Beene said a predictable business environment will enable the mining industry to ‘plant the seed of investment for copper (and other minerals) to germinate (be mined from the ground); get value-added by secondary industries; and, maintain a steady flow of foreign exchange earnings.

And Dr Musokotwane reiterated the Government’s plan to push the economic recovery, stabilisation, diversification, and national prosperity agenda through a collaborative approach with all players in the economy.

Dr. Musokotwane reiterated the government’s plan to push for the economic recovery, stabilization, diversification and national prosperity agenda through a collaborative approach with all players.

5 COMMENTS

  1. The big players are the ones who are a problem while the small players like the ones running Lubambe operate in an honest way. Companies shouldn’t always want to have it their own way. Yes you bring money to open mines but remember the ore you are mining is owned by the Zambian people who are entitled to a fair share of this natural wealth.

    2
    1
  2. Bringing in huge machinery to dig even more at a faster pace is not investment. It’s called harvesting. Real infrastructure investment should be demanded from these firms. Mines should contribute to the energy sector of this country as a long term commitment not just sucking the resources out of the ground. These firms should be held accountable for the environmental impact. In fact we need to introduce an environmental impact tax on them.

    1
    1
  3. The mines – and especially new mines – should be forced (as part of the license) that they produce their own energy, either independently or through CEC. So no more priority treatment for ridiculous prices. And Zambian should get an environmental police, to verify that no air, river or soil is being polluted.

  4. Certainly, mining sxplorations is very critical for the sustainable mining industry. It can play a key in the earnings of the so needed foreign exchange.

  5. Mining EXPLORATION is a problem in Zambia. Most so called investors have depleted our resources in the name of exploration without even paying any taxes yielding zero results.

Comments are closed.

- Advertisement -

Latest News

UPND will Amend the Constitution before the 2016 General Elections-Vice President

Vice President Mutale Nalumango has said that the ruling United Party for National Development (UPND) administration will amend the...

More Articles In This Category