Sunday, March 3, 2024

Massive Investment Boost Predicted for Zambia’s Mining Sector

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In a significant economic development, Jito Kayumba, the Special Advisor to the President for Economy, Investment, and Development Affairs, announced that increased investments in Zambia’s mining sector are expected to bring about a substantial financial injection. Mr. Kayumba highlighted the projections during a prelude to the 2024 Mining Indaba in Cape Town, South Africa, themed “Embracing the power of positive disposition; a bold new future for African Mining.”

According to Mr. Kayumba, the new investor in Mopani Copper Mine, International Resource Holdings, is set to be a game-changer. The projections indicate a staggering increase in copper production from the current 225,000 metric tonnes to an impressive 600,000 metric tonnes. This surge in production is anticipated to result in a substantial financial influx, estimated at 1.4 billion US dollars.

Speaking on the developments, Mr. Kayumba emphasized the positive impact such investments could have on Zambia’s economy. The mining sector has long been a cornerstone of the country’s economic landscape, and these advancements signal a promising era for growth and development.

Mines Minister

provided additional insights into the government’s plans, disclosing that February 28 is the targeted date for the official handover of both Mopani and Konkola copper mines to their respective investors. He explained that the government is in the final stages of concluding documentation and settling payments with creditors to facilitate the seamless handover process.

On the sidelines of the Mining Indaba in South Africa, Mr. Kabuswe further revealed the government’s commitment to implementing more stringent measures to prevent mine accidents resulting from illegal mining activities. The move reflects the administration’s dedication to ensuring the safety and sustainability of the mining industry.

As Zambia positions itself for increased investment and production in the mining sector, these developments underscore the nation’s determination to foster economic growth, attract international investors, and create a conducive environment for the mining industry’s prosperity.

The 2024 Mining Indaba is expected to provide a platform for stakeholders to discuss and strategize the way forward for African mining, emphasizing collaboration, sustainability, and the positive impact on local economies.

10 COMMENTS

  1. Rhetoric, rhetoric and more rhetoric. An associate of mine with nearly 50 years experience, 16 of which were in Zambia, wrote to Mr. Kayumba and Hon. Kabuswe, offering his service to turn around the mining industry…..TO NO AVAIL!
    With an attitude like that, Zambia will remain stagnant. Mark my word

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    • If he cant even convince the Kabuswes of this world, what are the chances that he can run a successful mining business?

  2. The only thing this UPND government is good at is selling. They are selling everything in Zambia, food, water in the Kariba, presidential jets, mines, animals, houses… you name it, they are selling. We predicted this right from the beginning but at this rate, I wouldn’t be surprised if they auctioned off Barotseland to the highest bidder.

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  3. Investing in Mopani cannot be a game changer unless this Kayumba doesn’t understand mining. The investor is already working on downsizing labour. By the way wasn’t this man involved with the gold scandal at KKIA? What is he still doing at state house… I thought the president had said those involved in the scam were on their own?

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  4. Jito Kayumba should know his limits. He has no window to express his views. His voice is supposed to be heard through his boss, the President of the Republic of Zambia. Jito has no business getting in the news frequently.

  5. We can even produce 1million metric tones of copper but if Ichilema the muzungu lapdog is giving tax holidays, Zambians will still be languishing in poverty and Cholera.

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  6. You travel all the way to cape town to go and lie when our miners and contractors are still waiting for the money owed have mercy on your fellow citizens.

  7. Cape Town is not very far. They have travelled to New York, to London, to Beijing and other distant places to go and lie……

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