The Zambian Institute of Chartered Accountants – ZICA says it welcomes the several investment pledges, that were announced at the 2024 Mining Indaba in the mining sector.
Speaking during a media briefing in Lusaka attended by the Zambian Business Times – ZBT, ZICA President Yande Siame Mwenye said these pledges if actualized will help bring about employment Opportunities, Economic Growth, Foreign Exchange Earnings, Technological Advancements, and infrastructure development.
ZICA has since urged the Government and all the stakeholders involved to intensify efforts and actualize pronouncements and pledges made at the Mining Indaba.
She noted that among the key investment pledges, that were announced at the 2024 Mining Indaba in the mining sector include;
- The US$1.3 billion by China Non-Ferrous Mining Corporation (CNMC) into various operations in Zambia.
- First Quantum Minerals (FQM) investment of $100 million in Enterprise Nickel Mine -Africa’s largest nickel producer.
- First Quantum Minerals investing over US$1 billion to expand the Kansanshi mine and smelter.
- Kobold Metals, which uses Pioneering Artificial Intelligence, AI technology, had made significant progress in defining the orebody at its Mingomba project, following a $150 million investment in 2022.
- Barrick Gold Corporation doubled down on its commitment with a $2 billion investment to expand its Lumwana Mine into a ‘super-pit’, capable of producing 240,000 tonnes of copper per year when it comes online in 2028
“The Republican President Mr. Hakainde Hichilema addressed the delegates at the recently held Mining Indaba, which took place in Cape Town from 6th – 9th February 2024, where he made it clear that the mining sector is an important catalyst for national development; and further that the government was looking to significantly increase the production of copper and other minerals so that Zambia can reclaim its place as a leading copper producer on the continent.”
Mwenye noted that to support these ambitions, the Government has already introduced a friendlier mining tax regime and made clear intentions to bring stability to the sector, as well as ensuring regulatory fairness and the elimination of obstacles that stand in the way of new investment.
“As ZICA, we urge the Government and all the stakeholders involved to intensify efforts and actualize pronouncements and pledges made at the 2024 Mining Indaba. These pledges if actualized will help bring about employment Opportunities, Economic Growth, Foreign Exchange Earnings, Technological Advancements and infrastructure development.”
