Anglo American Emphasizes Importance of Zambian Capital Markets for Mining Growth
The role of a strong capital market in driving the growth of Zambia’s mining sector was highlighted at the 2024 Zambian Mining and Investment Insaka, where leading industry figures gathered to discuss the country’s future in mining.
Speaking on a panel titled “Mining Beyond Copper: What’s in it for Zambia?”, Norman Mbazima, a senior executive with over 20 years at Anglo American and Chairman of Anglo American Platinum, stressed that foreign institutional investors are key to unlocking Zambia’s mining potential.
“A robust capital market is key to attracting foreign investors who can bring the capital required to scale up operations, without compromising national interests,” said Mr. Mbazima. He pointed to the historical challenges faced by Zambia’s mining industry, from nationalisation after Independence to the privatisation phase. Foreign investment, he noted, has always played a vital role in advancing the sector and continues to be crucial.
Mr. Mbazima also emphasized the need for a stable and predictable policy environment, stating, “Investors need stability. It can take years to develop a mine, and they need assurance that they will see a return on their investment. Policy consistency is critical.”
Moderated by Professor Emmanuel Chanda, Head of the Mining Programme at the University of Adelaide, the panel explored key issues facing Zambia’s mining industry. Dr. Godwin Beene, President of the Zambia Chamber of Mines and Country Manager for First Quantum Minerals, joined Mr. Mbazima in calling for collaboration between the public and private sectors.
He highlighted the volatility of global metal prices and shifting regulations as challenges for investors.
The panel reaffirmed the mining sector’s pivotal role in Zambia’s economic development, crediting the industry for infrastructure projects like the Kariba Dam and the railway network.
Both Mr. Mbazima and Dr. Beene stressed the importance of economic diversification as a strategy to grow the country’s economy while maintaining mining as a cornerstone.
Anglo American continues to expand its presence in Zambia, recently finalising a joint venture agreement with Arc Minerals plc to explore for copper and cobalt in the North-Western province.
