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Alba Iulia
Monday, June 27, 2022

Kabuswe reiterates Zambia’s commitment to revamp mining sector

Economy Kabuswe reiterates Zambia's commitment to revamp mining sector

Minister of Mines and Minerals Development, Paul Kabuswe, has reiterated the government’s commitment to reviving the mining sector in Zambia and make it responsive to the needs of the country.

Mr. Kabuswe says Zambia is a major player in the mining sector in Africa hence the need to put in place effective policy measures that will make the industry viable and contribute positively to the country’s economic agenda.

He told ZANIS in an interview in Cape Town, South Africa yesterday that this is why the government will continue to interact with other players in the industry to learn and to woo more investment that will benefit the country.

He said the 2022 investing in African Mining Indaba, which will be held in South Africa from 10 to 12 May 2022, is one of the many platforms that Zambia intends to use to attract investment to the country’s mining industry.

The minister added that such forums give Zambia an opportunity to market itself and substantiate why investors should consider investing in the country.

“You know that Zambia is the major player in the mining sector not just in Africa but the world as a whole. This is why we will continue interacting with other players in the industry in order to showcase our potential and why we should be a preferred investment destination,” he said.

Mr. Kabuswe cited that the mining indaba is one of the biggest mining events that present enormous opportunity for the sector in Africa to engage and devise mechanisms of improving for the benefit of their people.

Meanwhile, Mr. Kabuswe has expressed optimism that the current reforms being undertaken by the new dawn administration to improve the mining sector would attract more investment through the indaba.

He said having President Hakainde Hichilema as one of the main speakers at the indaba will put Zambia in a more advantageous position.

“As you know the stance that the new dawn administration has taken to revamp the mining sector and make it more viable, this is the platform that will help us get more investors and having President Hichilema as one of the main speakers will put us in a good position to sell our country to the world,” he added.

The Mines Minister is participating in the ministerial symposium in Cape Town and is expected to give a presentation on global solutions for the regional challenges and the next steps forward.

Zambia is participating in the 2022 Investing in Africa Mining indaba that has attracted three heads of state, heads of governments, captains of the mining industry and other global leaders.

President Hichilema is expected to arrive in South Africa today and participate in the indaba as one of the main speakers.

17 COMMENTS

  1. It could’ve comforted me if the lead participants were members of the Chamber of Mines & ZACCI. And it’s unfortunate that Kabuswe has prioritized foreign investors at the expense of locals. Many Zambians want to venture into mining but their cases remain unattended at the Ministry of Mines because Kabuswe isn’t interested in locals to own mines and that’s why he has canceled many mining licenses. It’s Zambian businesses that are supposed to attract finance for their mines if indeed the UPND want to turn around this economy. We can produce 10M tons per annum of copper but as long as we don’t own the mines we won’t benefit except for the few that’d have cut deals while granting mining licenses. There’s no hope

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  2. Mr. Kabuswe says Zambia is a major player in the mining sector in Africa hence the need to put in place effective policy measures that will make the industry viable and contribute positively to the country’s economic agenda…i quote… Mining companies are on tax holiday,how are they going to contribute positively!This government is a disgrace

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  3. Foreign investors get loans to start their mines. Why can’t we formulate a policy where our banks can lend capital to our people to venture into mining. Why should we continue pleasing foreigners who only end up abandoning us as soon as they make profit?

  4. @Looks,
    Its called attracting Investment and the government hope to gain on increased production volume as a result of more investments. Note that tax holiday, are NOT forever ! Can be removed once competion has been created.
    In general, this is a standard tool used by countries to attract investment, in Europe it’s very common. Donald Trump used the same/similar to attract USA investors and companies back to USA.
    Just read First Quantum Minerals planning to invest $1.25 billion and reason is the tax holidays that you are critising. BUUUM ! I hope this helps.

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  5. @Ayatollah
    “Many Zambians want to venture into mining but their cases remain unattended at the Ministry of Mines because Kabuswe ……”
    Where are those ZAMBIANS? Why are they NOT speaking up?
    If we are to grow or increase production volumes, we need big investors, who can then partner with Zambians. I would urge Zambian Investors to be savvy and look for partners with funding. They should have sound business case which they can present to banks for funding, I am sure banks are eager to jump on such opportunity, even today, without implementation of any policy.

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  6. Check this man’s networth increase like the last PF minister the former school teacher

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  7. @3 De JaVu
    Exactly…like Vandeta he got a loan for U$25 million and started mining in Zambia and after one year he was boasting that he made more than US$500 million……

  8. #5, general KANENE, To raise capital from Capital Markets, just like foreign businesses do, you need to profile your business. In a mining venture your profile is incomplete without a one as defined in the Mining License, the very document that Kabuswe has canceled. It’s Zambians that are supposed to partner with foreign investors and not the other way round. You & Kabuswe think that foreigners must invite Zambians to exploit their God-given resource? It’s Zambians that are supposed to invite others. What HH & Kabuswe are doing in South Africa is exactly what brought us the Vedanta headache. THINK! If they’re not transparent about these deals they’ll end up in the same dock as Milingo Lungu

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  9. The only way this can work is when we remove the tax holiday these mines have, they declare the correct production and profit made and pay the correct taxes then our economy will boom. These guys mine a lot of minerals which they don’t even declare to the government. Let all that come out of the ground be paid accordingly.

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  10. And not a word on the environment and deforestation. Like in the old days, the country is being SOLD OUT FOR A SONG

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  11. This Kabuswe guy is a liability. He is going to screw this one up like he screwed up the Black Mountain

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  12. #11 He’s got vested interest in the black mountain operations. People talk after a few drinks.

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  13. Deja Vu – typical Zambian drunkard..yes people talk rubbish after a few drinks..really laughable

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  14. #8 – @Ayatollah,
    If at all those requesting for licenses were real investor, I doubt Kabuswe will be denying them unless you are reffering to black mountain investors type of investors. I think we need real investors willing to invest big money, i dont see any. We are not looking for black mountain investors, that is not what Zambia need.
    Everyone wants to get rich today, there is NO trust at all, everyone is a suspect, and this has become a norm now, that is NOT health environment. Now everyone is suspecting him, really?

  15. @Deja Vu
    Who in their right mind would lend individual Zambians or companies funds to go into the mining sector
    When we still trying to run simple setups
    like zesco >railways > etc ?

  16. #13 Tarino Orange…in Germany there’s a saying that there’s truth in wine. Check it out.

  17. #15 Tikki…. that’s why your country will continue wallowing in poverty. You don’t trust yourself. You are included in the list of people you cannot trust.

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