Breaking NewsBusinessMining

Advocacy Group Calls for Local Benefit in Foreign Investment

The recent discovery of the largest copper deposits in Zambia and the planned US$2 billion investment by Josh Goldman’s company at the Mingomba project is seen as a positive development by the Advocates for National Development and Democracy (ANDD). 

ANDD Executive Director Samuel Banda expresses enthusiasm about the potential contributions to Zambia’s socio-economic growth, including job creation and business opportunities for Zambians.

Mr. Banda emphasizes the importance of this development in achieving the government’s copper production target and calls for strategic measures to ensure that the benefits extend to the local population. 

He urges the government to prioritize local contractors and suppliers when awarding business contracts to foreign investors in the mining sector. This, he believes, will stimulate commerce, create more jobs, and accelerate domestic economic growth.

In addition, Mr. Banda recommends that the government, through the Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH), increases its stake in the mining firms. 

He argues that since the investors bring machinery, technical expertise, and financial resources, Zambia should aim for at least a 50% to 60% stake in the mining projects to maximize the country’s benefits from its mineral resources.

The statement concludes by underlining the need for Zambia to optimize its advantages from the mining sector, signaling a call for a more inclusive and beneficial approach to foreign investments in the country’s natural resources.

Leave a Reply

Your email address will not be published. Required fields are marked *