https://en.sputniknews.africa/20240613/zambia-aims-to-boost-mineral-revenue-with-new-investment--trading-unit-1067023644.html
Zambia Aims to Boost Mineral Revenue With New Investment & Trading Unit
Zambia Aims to Boost Mineral Revenue With New Investment & Trading Unit
Sputnik Africa
Zambia, which produced 698,000 tonnes of copper in 2023, aims to increase annual output to 3 million tonnes within the next decade, capitalizing on rising... 13.06.2024, Sputnik Africa
2024-06-13T10:00+0200
2024-06-13T10:00+0200
2024-06-13T10:57+0200
sub-saharan africa
zambia
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southern africa
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The Zambian government has announced plans to establish a new entity dedicated to mineral investment and trading, aiming to maximize revenue from its vast natural resources. This decision, approved by the Cabinet on Wednesday, marks a significant shift in the country's mining strategy.Zambia, Africa's second-largest copper producer, currently holds stakes in several mining assets through ZCCM Investment Holdings.According to officials, this new model will allow for the sharing of minerals produced, empower the government to negotiate mineral prices, and ensure accurate declaration of exported and domestically used mineral consignments.The move comes as Zambia seeks to increase its revenue and attract greater investment in social projects. Mines Minister Paul Kabuswe recently stated the country's intention to negotiate larger holdings in new mining projects.The government expects the SPV entity to play a key role in realizing Zambia's ambitious mining goals and ensuring that the benefits of its rich mineral resources accrue to the Zambian people.
https://en.sputniknews.africa/20240202/zambia-to-restructure-15-bln-debt-of-state-owned-copper-mining-company-with-uae-investor-1064891770.html
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zambia, mining, southern africa, minerals, economy, economic growth
zambia, mining, southern africa, minerals, economy, economic growth
Zambia Aims to Boost Mineral Revenue With New Investment & Trading Unit
10:00 13.06.2024 (Updated: 10:57 13.06.2024) Muhammad Nooh Osman
Writer/Editor
Zambia, which produced 698,000 tonnes of copper in 2023, aims to increase annual output to 3 million tonnes within the next decade, capitalizing on rising demand for copper in the electricity and construction industries.
The Zambian government has announced plans to establish a new entity dedicated to mineral investment and trading, aiming to maximize revenue from its
vast natural resources. This decision, approved by the Cabinet on Wednesday, marks a significant shift in the country's mining strategy.
Zambia, Africa's second-largest copper producer, currently holds stakes in several mining assets through ZCCM Investment Holdings.
The newly formed Special Purpose Vehicle (SPV) will enable the Zambian government to "move away from the dividend payment model for mineral resources and adopt a production-based sharing mechanism to ensure benefits accrue to the people of Zambia beyond statutory obligations," the Cabinet said.
According to officials, this new model will allow for the sharing of minerals produced, empower the government to negotiate mineral prices, and ensure accurate declaration of exported and domestically used mineral consignments.
The move comes as Zambia seeks to increase its revenue and attract greater investment in social projects. Mines Minister Paul Kabuswe recently stated the country's intention to
negotiate larger holdings in new mining projects.
The government expects the SPV entity to play a key role in realizing Zambia's ambitious mining goals and ensuring that the benefits of its rich mineral resources accrue to the Zambian people.
