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Kabuswe: Zambia sees massive investment interest in mining sector
Africa’s mining sector is tipped to be a key catalyst for economic growth if well harnessed. Business leaders in the mining industry are converging in South Africa’s Cape Town city for this year’s mining indaba which seeks to elevate mining through deal sourcing and corporate matchmaking for the African mining sector. CNBC Africa spoke to Paul Kabuswe, Mines Minister for Zambia for more.
Tue, 06 Feb 2024 11:08:39 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- President Hichalema's invitation to investors two years ago resulted in nearly US$8 billion in investment interest in Zambia's mining sector.
- Zambia's stable and predictable environment, along with investor-friendly policies, has boosted confidence among mining industry players.
- The country continues to attract major investments, such as the $2 billion Cobalt deposit and the $2 billion Lumwana Mine expansion, despite the challenges posed by debt restructuring talks.
The mining sector in Zambia has seen a surge in investment interest, with nearly US$8 billion pouring into the country following a compelling invitation to investors by President Haikanda Hichalema two years ago. In an interview with CNBC Africa, Mines Minister Paul Kabuswe revealed that the favorable investment climate in Zambia has led to significant commitments from various players in the mining industry. The government's emphasis on creating a stable and predictable environment, along with investor-friendly policies, has bolstered confidence in Zambia's mining sector. Despite ongoing debt restructuring talks, the country continues to attract substantial investments, with major projects such as the $2 billion Cobalt deposit and the $2 billion Lumwana Mine expansion signaling optimism in the sector. The Minister highlighted the importance of ensuring social impact and benefits for local communities in mining projects, emphasizing the need for a holistic approach to negotiations that includes considerations for Environmental, Social, and Governance (ESG) factors. Amidst the influx of investments, Zambia aims to strike a balance that benefits both investors and the local population, setting the stage for sustainable economic growth and development.
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