KINDLY allow me space in your paper to make a proposal that all mining companies operating in Zambia should be publishing their financial reports every quarter just as commercial banks do.
By publishing financial statements, the mines will surely be transparent.
Under Article 78 of the Mines and Minerals Act No 11 of 2015, all mining companies are required to avail records of different kinds to the directors.
The said article states and I quote,” The directors may direct a holder of a mining right, mineral processing licence, gold panning certificate or any permit issued under this Act, at a specified time and place, to make available to, or produce for, inspection by the directors or an authorised officer any books, accounts, vouchers, documents or records of any kind relating to the mining right, etc.”
Based on the foregoing, it would be very appropriate for the Minister of Mines to issue a statutory instrument to compel all mining firms to be publishing their financial statements every quarter so that citizens are able to follow the trends of mining business.
There should also be a quarterly mineral extraction and exports information availed to the public. An example is the weekly market information which shows the prices at which different products are sold at different markets, especially in urban areas.
Honourable minister for Mines and Minerals Development, please pick it up.