GOV’T DENIES PAYING $100 MILLION TO A SOUTH AFRICAN COMPANY TO CONDUCT GEOLOGICAL MAPPING

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GOV’T DENIES PAYING $100 MILLION TO A SOUTH AFRICAN COMPANY TO CONDUCT GEOLOGICAL MAPPING

Mines and Mineral Development Minister Paul Kabuswe has dispelled assertions by some opposition political parties that the Zambian government has paid $100 million to a South African company to conduct geological mapping in Zambia.

According to social media reports, Aerial Geological Mapping of Zambia is set to start by June this year, as government has signed a $100 million contract with Xcalibur Multi-Physics of South Africa to undertake the task that was last done in the 1970’s.

But speaking in Kitwe today during a ZANACO sponsored breakfast meeting at the ongoing Copperbelt Agricultural, Mining, Industrial, Networking, Enterprise-CAMINEX-, Mr. Kabuswe said government will announce the proper details once the deal is concluded.

At the same event, Commerce, Trade and Industry Minister Chipoka Mulenga said government envisages partnerships between foreign and local companies in the mining sector as the assets are now unlocked and need to be serviced.

Mr. Mulenga has also challenged the private sector and entrepreneurs in Zambia, to innovate and come up with ways for Zambia to cultivate crops in the absence of rain while also creating water harvesting mechanisms toward food security.

Meanwhile, ZANACO Chief Credit Officer Kalengo Simukoko says the bank`s loan portfolio to the mining sector alone stands at $158 million, covering global and large corporations, mid and emerging corporations as well as business and SME banking.

The 2024 CAMINEX has opened today Tuesday, May 28, 2024 and will close on Thursday may 30, 2024 under the theme: “unlocking opportunities for growth: Zambia‚Äôs land linked position” and will officially be opened tomorrow by President Hakainde Hichilema.

PN

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