Minister of Mines and Minerals Development, Paul Kabuswe has called for value addition in the mining sector. Mr Kabuswe said value addition is critical as it does not only provide more money but also creates more jobs.
The Minister was speaking when he addressed the media at Barrick Lumwana Mine Company LMC) in Kalumbila district, today.
“We want value addition in Zambia, that one is critical to this economy. Value addition gives you more money and gives you more jobs. There is a lot of benefit when you add value, it also means that you are not exporting jobs, so value addition is critical,” he said.
Mr Kabuswe also seized the opportunity to assure LMC management of predictability in the economy.
He said having a stable economy will help the mining company to plan well and thus have a stable tax regime.
“One thing I can promise you is that, the new dawn government has prioritised predictability in the economy not only for you the mining investors but for all investors. So there will be predictability, stability and there will be a win-win situation,” he said.
Mr Kabuswe explained that government does not want the mining sector to have challenges when planning but intends to help mining companies to have a stable tax regime.
“We do not want you to have challenges when you are planning because we are alive to the fact that mining is a long term investment. We want you to be in an environment where you know that tomorrow we are going to have a stable tax regime, you will plan nicely, so that you focus on the way that you are going to structure your production,” he said.
He further stated that Zambia wants to ramp up production figures on all the mining companies in order to increase on production that will contribute to the economic benefit.
He added that government will provide a policy environment that is stable, supports investment and also supports the worker.
And LMC General Manager, Paul Gillot pledged to work in collaboration with government to improve the future of the country.
“In order for us to move forward as a company we need to work in collaboration with the government of Zambia, together with your office, as you said if we do work together we will see a win-win situation not only for the company but for all Zambians going forward working with Lumwana,” he said.
Mr Gillot assured government that the mining company shares the aspirations of making Zambia a better place.
He said the mine is considering to diversify from the gold sector and is focusing on having a copper portfolio.
“Zambia has got a very bright future with Lumwana, we are taking copper very seriously and we are trying to diversify not just looking at the gold sector of the market but we are very much focused on making sure that we have a copper portfolio,” he said.