CHAMBER OF MINES CALLS FOR NECESSARY STEPS TO ENSURE ZAMBIA BENEFITS FROM GLOBAL MINING INVESTMENT
By Michael Kaluba
The Zambia Chamber Of Mines has warned that the country’s mining sector risks losing out on its fair share of global mining investment and will not see the required turnaround of assets on the Copperbelt if necessary steps are not taken to improve the fiscal regime.
The chamber says it has submitted a number of proposals towards the 2023 fiscal year through the national budget which includes adjustments to the sliding scale regime and promotion of a floor proof shareholding regime both meant to enhance the attractiveness of the country`s mining sector.
Chamber of Mines Chief Executive Officer Sokwani Chilembo says the mining fiscal regime in Zambia has to be improved so that it becomes more competitive in the region especially that both Zimbabwe and Botswana have announced new discoveries of minerals such as nickel and silver within the last 30 days.
Mr. Chilembo says an improvement to the current mining fiscal regime in the 2023 national budget, will facilitate further exploration due to interest from investors such as Anglo America while the mines are also currently raising more money thereby making the industry more attractive through such an undertaking.
He argues that there is a need to incentivize the sub-sector further for enhanced exploration and warns that if necessary steps are not taken by the government within the upcoming 2023 fiscal year, the country will be disadvantaged.
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