BUUMBA CHIMBULU writes
ZAMBIA currently hosts six percent of the world’s known copper reserves among other minerals and is an important mining destination, says Zambia Chamber of Mines president Goodwell Mateyo.
Mr Mateyo said Zambia remained an important mining destination as it hosts six percent of the Worlds known copper reserves among other minerals such as cobalt, zinc, gold, coal, nickel and lead among others.
Zambia, Mr Mateyo said, was an industry leader in the production of emeralds, singly responsible for 20 percent of the World’s production.
He was speaking recently at the just ended ninth Zambia Investment in Mining and Energy Conference (ZIMEC).
“In 2018, the industry beat its production records on the back of steady power supply and higher commodity prices. This increase in production enables the industry to increase its contribution to the treasury.
“The inability of our economy to generate deep pools of capital means that we are reliant on foreign direct investment to actualise this natural resources wealth,” Mr Mateyo said.
Mr Mateyo said ZIMEC was important to attract necessary capital inflows in Zambia.
He said investment promotion in the mining industry was one of the key objectives of the chamber.
“The chamber id thrilled to be part of this event,” Mr Mateyo said.
At the same function, Mr Mateyo requested Government to revisit the current tax regime for the sector as it served to deter investment.
Mr Mateyo complained that the industry had been faced with a mining tax regime that left the sector an outlier with higher tax rates compared to peer mining jurisdictions.
“We further request that serious consideration be given to the counter proposals on mining taxation, as submitted by the chamber of mines. I remain resolutely committed to meaningful engagement with the Government.