ZAMBIA’s mining sector is undergoing a major transformation, with the government securing over US$12 billion in investments to revitalise the industry, reveals Minister of Mines and Mineral Resources, Paul Kabuswe.
Kabuswe confirmed the influx and said part of a broader strategy to triple copper production to 3 million tonnes by 2031, as the country seeks to reclaim its position as a top global producer.
“A month ago we were launching the strategy on how we will get to 3 million tonnes. In fact, we started by changing the mining policy for Zambia. We changed because we know where we want to go. And that’s why you have seen by today in excess of US$12 billion has been attracted in the mining space, not pledged, real,” Kabuswe shared.
“Only two days ago, we were launching the Super Pit in Luanshya. KCM is back in track. Mopani is back. A dead mine, back to life, Shaft 28 in Luanshya.”
Speaking ahead of the Zambia Mining and Investment Insaka 2024 which will start tomorrow, Kabuswe emphasised the need to reflect on the country’s mining history to better shape its future.
“We were producing 400,000 to 500,000 metric tonnes of copper a year, while Chile has surged past 4 million tonnes. We need to understand where we went wrong,” Kabuswe stated.
He called for mining experts to offer insights on how to navigate past mistakes during the Insaka.
The government’s renewed focus on mining extends beyond copper, with a critical minerals strategy aimed at diversifying Zambia’s portfolio to include other valuable resources.
Kabuswe highlighted the importance of seizing this moment of investment to ensure a sustainable mining future.
“We are expanding beyond copper, and it’s important that we get this right,” he remarked.
As part of the mining sector’s growth, Zambia is also focusing on skills development. The Minister revealed plans to leverage the Constituency Development Fund (CDF) to prepare the local workforce for the anticipated surge in mining activities.
Meanwhile major financial contributions have already been secured ahead of the Insaka.
Yesterday, the Zambia Industrial Commercial Bank has donated K300,000, emphasizing the event’s role in Zambia’s economic recovery.
Barrick Lumwana Mining and Collum Coal Mine also pledged support, with Barrick contributing $50,000 and Collum $25,000 respectively.
Uranium extraction company Goviex followed suit with a US$10,000 contribution, expressing optimism about the event’s theme of expanding Zambia’s mining prospects beyond copper.
Sanlam’s chief operations officer, Mphatso Tembo, who presented a Cheque of K105, 000 towards the event reaffirmed the importance of mining to the Zambian economy, stating that it creates opportunities not only within the sector but also for businesses, families, and communities.
The Zambia Mining and Investment Insaka, scheduled to take place from October 7 to 11, 2024, at the Mulungushi International Conference Centre, will provide a platform for stakeholders to discuss the future of Zambia’s mining sector.
The event, organized by the government in partnership with Buterla Investment Holdings Limited, carries the theme: “Mining beyond copper, celebrating 100 years of mining in Zambia,” signaling a new era for the nation’s mineral industry.
By Moses Makwaya
Kalemba October 6, 2024
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