All Zambia’s nine provinces have been earmarked for new mining projects as strong demand and high prices on the international market trigger a scramble by investors for minerals deposits, according to Mines Minister Kalombo Mwansa. In a special Television Zambia broadcast late Tuesday, Mwansa said projects amounting to billions of dollars of investment would commence around the country over the coming year.
Tentative mineral exploration across the country by a clutch of investors revealed vast mineral deposits, the exploitation of which would require massive local and international investment, he said.
Chongwe district in Lusaka province, Mkushi in Central province, Petauke in Eastern province and Munali Hills in Southern province were examples of areas where new deposits had been found, he said.
To date, some 3 billion dollars have been invested in Zambian mining, mostly in copper, amid projections that figure will rise to around 4.5 billion dollars within the next two years.
The discovery of uranium in North-Western and Southern provinces augured well for the economy, projected to grow by an average 7 per cent over the next three years, said Mwansa.
Albidon Zambia Ltd and Australia’s Equinox Minerals Ltd have discovered substantial quantities of uranium and copper deposits at their operations in north-western and southern Zambia respectively.
The government of President Levy Mwanawasa has been praised by investors for its sound fiscal policies and tough line on corruption.
The country’s roads and communications network, however, require upgrading to enable the movement of goods and services in and out of mining areas.
North-Western Railways announced this week it had secured 250 million dollars in financing from Britain, South Africa and the United States to build a rail link to the northern Copperbelt region.
© 2007 dpa – Deutsche Presse-Agentur ( copyright by monsters and critics .com)