.Yaluma
By KENNEDY MUPESENI –
in London, UK
GOVERNMENT is optimistic that the country will achieve the projected 1.5 million tonnes of copper per year by 2018 despite the falling metal prices on the international market.
Mines, Energy and Water Development Minister Christopher Yaluma allayed fears by the international community that the country’s copper production would reduce due to happenings in the mining sector.
The developments include low commodity prices and changes in mineral taxes.
“We have had problems in the mining sector due to the challenges some mining companies were facing coupled with the volatility in commodity prices but due to the new projects at Kalumbila by First
Quantum, Kitumba by Intrepid Mines, …. the target would be definitely achieved,” Mr Yaluma said.
He said that while the sector had been hit by low copper prices on the international market, the Zambian mining industry has continued to register positive growth over the years both in terms of mineral exploration and opening up of new mines.
He said Government had been paying keen attention to global trends which was the reason the Government had continued working towards creating a positive climate for the extractive industry to prepare for the challenges and opportunities in the future.
There was need to ensure that mining contributes to the creation of a strong and sustainable economy.
“The voices urging us to make mining work for Zambia are increasing and rightly so hence the need to put in place measures which are aimed at encouraging local participation in the mining industry,” he said.
He wanted a situation where Zambian professionals in the sector start owning mining operations.
Mr Yaluma urged the commercial banks to assist local mining investors acquire loans to run mines.
He said currently, they were not helping matters and most of them were not ready to lend local mining greenfields.
Mr Yaluma invited international financial institutions to help finance mining projects run by local Zambians who he said, had mining acumen but only lacked capital.
“We have mining geologists, engineers and other experts in our country who have worked in the mines and they have acquired necessary experience to manage large mining operations,” he said.
