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.
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.