Zambia Reaffirms Commitment to Mining Sector Growth at AZMEC Business Breakfast
The Ministry of Mines and Minerals Development has reaffirmed Zambia’s commitment to mining sector expansion, unveiling critical policy reforms and strategic investments aimed at driving sustainable growth and boosting mineral production.
Speaking at the Association of Zambian Mineral Exploration Companies (AZMEC) Business Breakfast, Permanent Secretary Dr. Hapenga Kabeta, representing the Minister of Mines and Minerals Development Hon. Paul C. Kabuswe, highlighted the government’s dedication to making Zambia a premier destination for mining investment.
“Zambia is open for business, and we are proving this through deeds and not mere rhetoric,” Dr. Kabeta said, emphasizing ongoing reforms and investments designed to attract global stakeholders.
The government has introduced a series of reforms aimed at strengthening the regulatory framework and enhancing local participation in the mining value chain. These include:
– Minerals Regulation Commission Act: The newly enacted legislation seeks to increase government oversight in mining activities while ensuring regulatory clarity for investors.
– Geological and Minerals Development Bill: Expected to replace the 2015 Mines and Minerals Development Act, this bill aims to accelerate geological mapping and support artisanal and small-scale mining.
– Local Content Regulations: Draft regulations are being finalized to promote Zambian participation in mining supply chains by reserving contracts for local businesses.
– Special Purpose Vehicle (SPV): The Zambia Minerals Investment Corporation Limited has been established to facilitate joint ventures between the government and private investors, ensuring greater value addition within the sector.
– Critical Minerals Regulations: These regulations will position Zambia as a key supplier of minerals essential for global energy transition and decarbonization efforts.
The government has set an ambitious target to increase copper production to three million metric tonnes by 2031. As part of this strategy, President Hakainde Hichilema launched a nationwide high-resolution aerial geophysical survey in August 2024 to enhance exploration activities and attract new investments.
The event also recognized the contributions of key industry players, including GoviEx Uranium, KoBold Metals, Anglo American, and Lumwana Mine, who are driving exploration and production efforts in the country.
Dr. Kabeta assured stakeholders that Zambia offers a stable and favorable investment environment, with legal protections in place for investors. He also encouraged industry players to explore opportunities in gemstone mining, industrial minerals, and oil and gas exploration.
“With these strategic reforms and investments, Zambia’s mining sector is undergoing a transformation that will not only enhance production but also create jobs and improve the livelihoods of our citizens,” Dr. Kabeta concluded.
The AZMEC Business Breakfast, supported by sponsors including Stanbic Bank, Xcalibur, and Africast, provided a platform for industry leaders to discuss the evolving landscape of Zambia’s mining sector and the opportunities ahead.
For further information, investors and stakeholders are encouraged to engage with the Ministry of Mines and Minerals Development at upcoming industry events.
