Zambia’s Mining Sector Reforms Lauded by Saudi Arabia, Sparking Global Investor Interest
The Kingdom of Saudi Arabia has expressed admiration for Zambia’s commendable efforts in reforming its mining sector. The accolades came during a bilateral meeting between Hon. Paul Kabuswe, Minister of Mines and Minerals Development for the Republic of Zambia, and His Excellency Mr. Bandar Alkhorayef, Minister of Industry and Mineral Resources of Saudi Arabia.
This meeting is being held on the eve of the 3rd Future Minerals Forum in Riyadh, Saudi Arabia, from January 9th to 11th, 2024.
The Embassy of the Republic of Zambia in Riyadh issued a statement acknowledging the praise from Saudi Arabia for Zambia’s proactive reforms in the mining sector. The reforms have generated substantial interest from both local and global investors, indicating a positive shift in the industry.
Hon. Paul Kabuswe highlighted the Zambian government’s success in restoring stability and predictability to mining policies and taxes. This achievement has led to increased confidence among investors and a surge of interest in Zambia’s mining opportunities.
The minister stressed that these reforms were instrumental in achieving the ambitious target of producing three million metric tons of copper by 2031.
During the meeting, Minister Kabuswe outlined Zambia’s innovative approach to leveraging networking platforms for mining investors, policymakers, and industry stakeholders.
He emphasized the importance of structuring Memoranda of Understanding (MoUs) and Agreements within the mining industry to benefit the people of Zambia and safeguard the country’s interests.
To tackle challenges such as underreporting and illegal mining, the Zambian government is in the process of establishing a Mineral Regulation Commission. This commission will play a crucial role in providing oversight and ensuring compliance within the mining sector.
Looking forward, Zambia aims to attract increased investment in mining exploration to establish new mines. This initiative is expected to generate employment opportunities and contribute significantly to foreign exchange earnings for the country. Minister Kabuswe advocated for enhanced collaboration and partnerships with investors from the Kingdom of Saudi Arabia.
The positive reception of Zambia’s mining reforms on the international stage underscores the country’s commitment to creating a conducive environment for sustainable mining practices and fostering mutually beneficial partnerships with global investors.
