The Zambia Chamber of Mines (ZCM), an association that represents the Mining and Allied industry has welcomed the 2024 National Budget announcement, in which stability has been maintained. This has created a good backdrop to the final resolutions of the legacy legal and business challenges on the old Copperbelt while pushing forward with exploration and increasing resources to ministerial oversight of mining in the country.
“The Zambian Government having budgeted to carry out its own aerial geological surveys is greatly welcome, as doing so will expedite primary exploration of unconventional and new areas. This will improve the Nation’s attractiveness as already demonstrated by the country’s recently improved rankings in influential mining industry and continental risk surveys.” said Sokwani Chilembo, Chief Executive Officer of the Chamber of Mines.
Mr Chilembo noted that Zambia had been covered in the 2022 Fraser Institute report after years of being omitted while the 2023 Oxford Economics and Control Risks Africa Risk Reward Index survey had found Zambia to be the continent’s most improved jurisdiction.
“China Non-Ferrous Mining Corporation recently announced US$1.6 Billion in investments in Zambia which adds to the big projects going on at First Quantum Minerals Kansanshi Mine, Barrick Lumwana Mine and KoBold Metals’ Mingomba tenement. When taken all together with these investments and the positive ratings agency review after the debt deal, confidence is clearly on the rise as the challenging journey to tripling production progresses.” concluded Mr Chilembo.
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