Zambia Plans to Create Billionaires from Mining While Enforcing Investor Accountability

Mines and Development Minister Paul Kabuswe has announced the Zambian government’s ambitious plan to transform the mining industry by creating billionaires and empowering local miners.

Speaking at the launch of the 2024 Zambia Mining and Investment Insaka, Kabuswe highlighted the administration’s commitment to supporting Zambian miners and enforcing strict regulations to ensure investor accountability.

Kabuswe asserted that under President Hakainde Hichilema’s administration, the government would not tolerate any investor misconduct.

“We want to support all Zambians. We want many small-scale Zambians to engage in mining. Our message to artisanal and small-scale miners is clear: we want to dispel the notion that Zambians lack the capacity.

We aim to grow them from artisanal to small-scale to junior miners until we have a conglomerate. We envision a consortium of Zambians owning a major mine.

That’s our focus. We want to create billionaires out of the mining industry in Zambia, but we need to up our game. We can’t watch from the sidelines,” he said.

Kabuswe reiterated the administration’s stance against investor misbehavior, emphasizing the enforcement of existing laws. “We have to do the right things.

With President Hakainde Hichilema, we will never allow any investor to misbehave. We will not tolerate negligence leading to mine liquidation.

The Mines and Minerals Act, in its current form, is strict. If followed properly, no investor will misbehave. We have a team led by the Permanent Secretary that will ensure this.

Our laws are strong, and we will enforce them. If an investor does not comply, we will revoke their license,” he warned.

The minister highlighted the government’s efforts to formalize illegal mining activities. “Zambia is actively enforcing regulations to combat illegal mining and address issues like child labor.

We aim to convert all illegal miners into legal miners by formalizing their activities. The global and regional developments in manufacturing present significant opportunities for Zambia’s mining industries.

With the rise of electric vehicles, Zambia will become a major supplier of critical minerals. We have substantial lithium and graphite reserves, essential for battery production.

The Insaka will serve as a platform for stakeholders to address challenges, foster partnerships, and showcase Zambia’s mineral potential beyond copper,” he explained.

Kabuswe noted that mining currently accounts for two percent of jobs in Zambia, with plans to increase this figure. “Mining has been a foundation for African economies for many years and continues to play that role.

We want this figure to rise. Recently, we have been formalizing small-scale mining operations. We believe gold is a game changer, and significant revenue from gold should soon reflect in our GDP.

We are serious about retaining over 90 percent of the gold mined in Zambia and eliminating illegal activities. Our goal is clear,” said Kabuswe.

SOURCE:Diggers