Media Release

Zambia significantly improves its ranking in Mining Investment

The Zambia Chamber of Mines (ZCM) has welcomed the results of the latest Fraser Institute Report, the annual survey of global mining investors, which has revealed a significant improvement in investors’ sentiment, with Zambia leaping from 12th to 3rd place in investment attractiveness amongst Africa’s mining countries.  The country had dropped off the rankings from 2019 to 2021, re-entering at 58th in the world in 2022 and rising to 34th in the latest 2023 report.

The 2023 report surveyed investors’ opinions of 86 mining jurisdictions around the world. The collated data was used to populate an Investment Attractiveness Index, as well as a Policy Perception Index. Although Zambia improved its ranking in both indices from previous years, it did less well in terms of policy perception, ranking 6th out of 12 for Africa’s mining jurisdictions.

The Zambian Government has remained steadfast in balancing growth policies with managing impacts of geopolitical and climate-change induced challenges that continue to exact a heavy toll on the economy.

Zambia Chamber of Mines President, Dr Godwin Beene is gratified with the steps that the country is taking to become more competitive in attracting mining investment. “Mining investors have been impressed by the Government’s consistent messaging around increasing mining investment, backed up by key reforms to the mining taxation regime.”

“Despite legacy challenges and unforeseeable headwinds, the strong overall indication from investors is that Zambia is becoming a much more attractive destination. The vital next step is to manage the reform of the overall mining regulatory framework in a way that accords with global best practice. If we can achieve a legislative and regulatory reform that creates far greater transparency in the regulation of minerals – a level and visible playing field for all – an effective and efficient regulator, well drafted and precise laws, with clear protections for rights of tenure, then we will have laid the basis for serious mining-led development in Zambia,” Dr  Beene said.

The Chamber President has encouraged the Zambian Government to take full advantage of the positive sentiment published by the Fraser report.

Dr Beene emphasized that, “There has never been a better moment for Government to fully reset the narrative than now. It is only growth that can sustainably avail the opportunities that Zambians seek, while delivering tangible development over the long haul.”


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