Mining companies in Zambia are calling for a more stable business environment that would allow them to invest more in production.
The Zambia Chamber of Mines, which represents foreign mining companies operating in Zambia, stated that a supportive environment, stable policies, and exploration were critical to the mining industry’s long-term future in Zambia.
“There is great potential for the mining sector to play a large role in the global energy transition from fossilized energy sources to metals like copper. Copper prices will remain competitive in the foreseeable future so we need to take advantage and sustainably grow the industry,” said Godwin Beene, the association’s president, in a release.
The official, who was speaking during a meeting with officials from the Ministry of Finance and National Planning, said while some immediate changes were needed to signal that Zambia was open for investment, other areas of the mining fiscal regime will still require further analysis and discussions to determine the best way forward.
While saying that the government’s aspiration for the mining industry to reach 3 million metric tons in annual production was “music to the ears of the industry,” the organization’s leader urged the government to continue with the stability assurance thrust.
Minister of Finance and National Planning Situmbeko Musokotwane reiterated the government’s plan to push for the economic recovery, stabilization, diversification and national prosperity agenda through a collaborative approach with all players.