President’s Commendation of the Mining Industry Should be Food for Thought for Some of Govt’s Detractors

4 June 2011

editorial

President Rupiah Banda’s commendation of the mining industry for working hard and contributing to the economic growth of the country should indeed be food for thought for some of Government’s detractors who will never acknowledge the Government’s relentless efforts to improve the economy.

The mining industry has been the economic and social backbone of the country and the Government has worked hard to attract both foreign and local investment into this industry.

More mineral resources have been discovered in Zambia and although their exploitation was limited, considerable opportunities are there for further exploration and mining.

The Government has come up with a vibrant mineral policy which is meant to enhance investment in this sector and to also ensure the development of a self sustaining mineral-based industry. The privatisation of some State-owned mines previously under the umbrella of the Zambia Consolidated Copper Mines is a clear demonstration of this intent.

It is also worth noting that despite the hardships facing the global mining industry, Zambia’s copper production recorded an increase of about 14 per cent in year-on-year in 2009 and cobalt production was also set to receive a boost.

The country has long been considered a stable investment destination with good mining sector regulations and has attracted high levels of investment including major foreign investors that have invested in the mining industry.

We also can not agree more with Lumwana Mine managing director Adam Wright who says that Zambia should reclaim its position of being the largest exporter of copper.

Currently, Zambia is the seventh largest producer of copper globally and the second largest producer of cobalt and could reclaim its position if all stakeholders joined forces and worked at developing the industry.

This is all because of Government’s sound mining policies and the creation of an enabling environment that is responsible for attracting more investments.

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