https://www.miningweekly.com
Africa|Copper|Mining|Operations
Africa|Copper|Mining|Operations
africa|copper|mining|operations

Zambia says it will restore 'sanity' to rattled mining sector

14th September 2021

By: Reuters

  

Font size: - +

Zambia's newly-appointed mines minister said on Tuesday that the government will ensure stability and predictability in the mining sector, seeking to allay fears of royalty hikes.

Paul Kabuswe also said the government must root out corruption in mining, which is the engine of Zambia's economy.

"We may not do everything in the coming budget but I can assure you that sanity will be brought back to the mining sector before 2026," Kabuswe said.

Zambian bonds and the kwacha currency rallied after the election of businessman President Hichilema, who named Kabuswe mines minister last week.

"We have to make policies that will not disadvantage the investors. We have to have stability in the economy so that the investor is happy," Kabuswe told a press briefing.

Africa's second-largest copper producer, which defaulted on its sovereign debt last year, has benefited from an increase in copper prices to record highs.

Kabuswe said Hichilema would oversee Zambia's policy on Mopani Copper Mines and Konkola Copper Mines (KCM), two critical operations his new administration must tackle.

Zambia took on $1.5-billion in debt to buy Mopani from Glencore in January, and is yet to find a new investor for it.

The previous administration handed control of KCM to a provisional liquidator in May 2019, triggering an ongoing legal dispute with its former owner Vedanta.

Edited by Reuters

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.2 0.234s - 109pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: