https://www.miningweekly.com
Africa|Copper|Exploration|Gold|Mining|Resources
Africa|Copper|Exploration|Gold|Mining|Resources
africa|copper|exploration|gold|mining|resources

Zambian miners resist State taking bigger stake in resources

First Quantum's Sentinel mine

First Quantum's Sentinel mine

23rd September 2024

By: Bloomberg

  

Font size: - +

Zambian mining companies met with the government to resolve differences over a proposed legal change that would potentially give the state a bigger share of its mineral resources.

Draft legislation under consideration in the southern African country’s parliament would enable Zambia to “acquire mining rights for investment by government.” The state would be able to buy a stake in an area before an exploration license was granted, and retain it after a discovery was made and the site developed.

That plan is opposed by the Zambia Chamber of Mines, whose members include units of First Quantum Minerals and Barrick Gold. Earlier in the week, the chamber said that in its current form, the new law would introduce “unaccountable and arbitrary” decision making.

The chamber met with Zambia’s Mines Ministry on Friday in the capital, Lusaka, to “reach an amicable settlement” on the contested clause. “The parties have developed a roadmap for the resolution of the matter within the shortest period of time,” they said in a joint statement.

The chamber also criticized plans outlined last month by Mines Minister Paul Kabuswe for the government to set up a State-owned firm to control at least 30% of the output of critical minerals, including copper, from future mines. Zambia, Africa’s second-biggest copper producer, is targeting a fourfold increase in output of the metal by early next decade.

Edited by Bloomberg

Comments

Showroom

Alcohol Breathalysers
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 
Klüber Lubrication
Klüber Lubrication

Klüber Lubrication ensures that the world’s essential systems—drive units, machines, and water flow—operate efficiently, sustainably, and reliably...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 06 December 2024
Magazine round up | 06 December 2024
6th December 2024

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:0.054 0.081s - 150pq - 2rq
Subscribe Now