The Mumbwa Gold Mine in Zambia has the potential to significantly boost the country’s economy, with an estimated $5 billion in revenue expected.
The mine, which is located in the central province of Zambia, is expected to be one of the largest gold mines in Zambia and a significant contributor to the gold market once operating at full capacity.
The impact of the delay in reopening the Gold Mine has however been felt by the government in terms of lost revenue. With the potential to generate over $5 billion, the mine could have been a significant source of income for the country especially at a time when the country is still working on its debt restructuring.
According to the former Central Province Minister and Mumbwa Central Member of Parliament Credo Nanjuwa, the Mumbwa Gold Mine has the potential to generate a significant amount of revenue for Zambia however, delays in reopening the mine have had a negative impact on the government and the local community.
Speaking in an exclusive interview with the Zambian Business Times – ZBT – the former Provincial Minister disclosed that according to the recent Mineral Exploration report, the Gold mine has minerals worth over $5 billion which would be great for the country as it would positively contribute to the appreciation of kwacha which is still struggling.
Nanjuwa said the people of Mumbwa were very expectant that the mine would be given a license for investors to start working and bring in the much-needed development in the District and the country at large.
He said, “We are very much aware that the reopening of the Mumbwa gold mine will create employment opportunities for the province and the nation at large and at the same time provide business opportunities hence we are in a hurry to ensure that the whole process is concluded as soon as possible.”
Najuwa noted that what was at stake at the time was the process of acquiring a mining license as the investors who were there doing the explorations concluded and submitted the report to the Ministry of Mines and Minerals Development.
Meanwhile, efforts to get a comment from the Mines Minister on the matter proved futile by press time.
Mumbwa Gold Mine can be a significant development for Zambia with the potential to provide much-needed economic stimulus for the country.
The government has since been urged to take action to resolve the issues surrounding the mine and reopen it among others as soon as possible. This will not only benefit the government in terms of revenue but also provide much-needed employment opportunities for the local community.
