Zambian president vows to position mining on growth path

0 Comment(s)Print E-mail Xinhua, February 6, 2024
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LUSAKA, Feb. 5 (Xinhua) -- Zambian President Hakainde Hichilema on Monday said the government was doing everything possible to create a conducive environment to position the mining industry on a growth trajectory.

The president said the government was undertaking a nationwide geological mapping exercise to provide accurate geodata for exploring new mineral resources and deposits.

"We are encouraging diversification through this mineral exploration exercise so as to confirm resources in rare earths, lithium, gold, manganese, graphite, sugilite and indeed diamonds," he said in a virtual address to this year's African Mining Indaba (conference) that opened Monday in Cape Town, South Africa.

While acknowledging the increased investments in the mining sector in the last two years, the Zambian president noted that more investments were needed and he pledged to make the country a reliable investment partner of choice in Africa.

According to him, Zambia has a stable and predictable legal, regulatory and fiscal regime in the mining sector.

The government, he said, was also working with local and international partners to boost Zambia's energy and transport infrastructure which will help support the country's mining ambitions.

The president noted that the government has opened up the energy market to private sector players through the open access regime and facilitated off-taker guarantee financing, allowing mining companies to finance captive power to fuel their expansion projects.

Zambia has set a target of producing 3 million tonnes of copper per year by 2031. Enditem

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