State reviews mining growth projections

GOVERNMENT is reviewing the growth projections of the mining industry in the short to medium term.
Minister of Mines, Energy and Energy Development Christopher Yaluma said the mining industry is highly competitive as evidenced by the recent growth levels of copper production in the Democratic Republic of Congo, hence the need to review the industry every five to 10 years.
“We had earlier projected to raise copper production figures to between 1.2 million metric tonnes and 1.5 million tonnes but we are now reviewing that. We are putting up a new road map to grow production and revenue,” he said.
He was speaking to journalists at the just ended CBM Tec mining expo in Kitwe yesterday.
“We are looking at growing revenue, capitalise it, give mining firms more incentives so that they can put more money into production,” he said.
And Government says it will soon have a new target of projected revenue from the new mineral royalty tax after Parliament endorses it.
Mr Yaluma, however, said Government will not lose over K2 billion as the budget has not yet been implemented during the fiscal year.
He said the K2 billion is placed on a wish list, which the Government would like to see done.
“The budget is always flexible; you can implement it, defer or transfer to another activity. We were working with something that is not tangible, but a guide,” he said.
He said Government is changing the budget by taking it to Parliament for endorsement.


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