Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Business

Zambia wants Govt stakes in mineral projects, miners say this violates property rights

Zambia’s proposed minerals regulation law could deter investment and deliver a “fatal blow” to its goal of raising annual copper output to 3 million metric tonnes, two mining bodies say.

Zambia, Africa’s second biggest copper producer, is proposing a Minerals Regulation Commission Bill that would allow the government to acquire a shareholding in exploration areas before licenses to search for minerals, including copper, are granted to investors.

The proposed law seeks to give the nation’s minister of finance the right to maintain a shareholding in a mining license on behalf of the government if minerals are discovered.

But Zambia’s Chamber of Mines (ZCM), the main mining industry body, and the Association of Zambian Mineral Exploration Companies (AZMEC) said in a joint statement some parts of the proposed law “will drive up the perception of investment risk” in the country.

“(With) the prospect of forced ‘free carry’ acquisitions by the state of stakes in new ventures, this Bill will seriously undermine property rights,” the mining industry bodies said.

President Hakainde Hichilema’s government is seeking to attract more investors to boost copper output to about 3 million tons over the decade. Copper output slumped to 698,000 tons in 2023 from 763,000 tons the previous year, according to data from the ZCM.

Barrick Gold and First Quantum Minerals are among the investors that have outlined major expansion plans to boost copper output in Zambia.

Credit: Newswire

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
× How can I help you?

Adblock Detected

Chaminukanews24.com is ad-supported, but we notice you've AdBlocker turned on. Kindly turn it off, then refresh the page to proceed.