Business

‘Inject more investment in mining sector’

TRYNESS TEMBO, Lusaka
THE Zambia Chamber of Mines (ZCM) has called for urgent attraction of new investment to unlock exploration projects and also develop the country’s mineralisation.
However, Government has embarked on a diversification strategy to explore other minerals other than copper.
In response to a query, ZCM president Nathan Chishimba said the sector is at a defining stage and is faced with the need to stay competitive in a global industry racked by a battle of low commodity prices.
Copper price on the global market has been fluctuating, and is currently fetching US$4,700 per tonne.
“A situation where the leaner and meaner producers are trying to squeeze the higher cost producers out of an over-supplied market brought on by the general slowdown in the demand for base metals worldwide.
“The Zambian mining industry desperately needs to attract fresh capital to unlock exploration projects and development of the country’s world-class mineralisation, which is certainly not limited to copper,” Mr Chishimba said.
He said as a way to advance the country’s mining sector to the next stage, “Zambia needs a strong national consensus on the role and future of the sector’s overall development strategy in the next few years, as well as a set of smart, forward-looking policies to support the industry”.
Mr Chishimba, however, said mining policy in Zambia has undergone a lot of changes in recent years, largely driven by a gulf of understanding between policy makers on the one hand and industry practitioners on the other.
He also said in the run-up to the just-ended elections, significant progress was made in bridging between policy makers and Government.
“We are thankful that there is now an appreciation of the need to have a practical approach to mining policy that serves the mutual interests of investors and the government.
“For its part, the industry is committed to ensuring that it works hard with stakeholders and the government to ensure a better understanding of the sector. We are confident of better engagement with Government that has emerged after the election,” he said.

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