ANDD WELCOMES £2.5 BILLION UK’S INVESTMENT IN THE MINING SECTOR
…. it has come as a result of President Hichilema’s commitment to revamp the mining sector
Lusaka..Monday August 7, 2023 (SMART EAGLES)
Advocates for National Development And Democracy has welcomed £2.5 Billion investment from UK to support the mining sector saying it has come as a result of President Hakainde Hichilema’s commitment to revamp the mining sector.
The organization says this is a clear indication that investors have confidence in president Hakainde Hichilema leadership to transform and develop the mining sector.
The United Kingdom has offered to support Zambia’s mining, minerals and renewable energy sectors with £2.5 billion of UK private sector investments and £500 million UK government backed investment.
UK Foreign Secretary James Cleverly disclosed this when he paid a courtesy call on President Hakainde Hichilema last week.
Advocates for National Development and Democracy Executive Director Samuel Banda has also commended President Hichilema’s commitment to revamping the mining sector by introducing progressive mining reforms such as the formulation of mineral regulation commission which he believes will help in regulating the mining sector, improve integrity and ensure investors adhere to the mining policies.
“However we want to indicate that Government will fail to meet its target 3 million metric tonnes of copper production target by 2031 if Konkola Copper Mines and Mopani remain unlocked. The two strategic mines KCM and Mopani mines if operating at optimally have a huge potential to contribute about 1.5 million metric tonnes of copper production towards the 3 million target per annum by 2031,” said Mr Banda.
“Handing over KCM to Vedanta Resources and finding an investor for Mopani mines should not be delayed any further if President Hakainde Hichilema mining vision can be actualized. Its unfortunately that the Minister of Mines and Minerals Development Hon Paul Kabuswe is failing our president by failing to conclude negotiations with investors on a right time in the interest of revamping the mining sector and making it viable.”
He profoundly reiterated his organization’s position as well as for the consortium of civil society organisations championing the revamping of the mining sector that on 12th August 2023, they will have peaceful protest.
“We shall match to statehouse and present a petition to our president so that he can intervene in this KCM Vedanta negotiations as we have the confidence that he will expidite the process and have a final conclusion,” he added.
“Our interest is to promote national development through development of a viable mining sector as it accounts for about 80% of our GDP.