20 January 2018
   
Tsvangirai golden handshake confirmed
DisGrace sneaks out three luxury cars
ED cuts Bob Singapore crew from 38 to 22
Call for Diaspora Minister and MPs
ED so over confident it worries him
Priscilla demands coup ‘killings’ details
CBD maize roasting must end now: Min
Tsvangirai faces disgraceful exit: Judge
MORE NEWS
ZTA targets domestic tourism
SOE DEBATE: Privatise most parastatals
MORE BUSINESS
Delight as ZBC 'Iron Lady' suspended
Sulu arrested over $4,000 child support
MORE SHOWBIZ
Mapeza targets CAF CL group stages
Tendai Ndoro special - says Ajax coach
MORE SPORTS
Elections: Not a moment to be lost
A view beyond the Zimbabwe coup
MORE OPINION
 
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
MORE COLUMNISTS
 
 
Zambian copper mining under threat, stable rules needed - mining chief
16/12/2015 00:00:00
by Reuters
 
 
RELATED STORIES

LUSAKA: Hit by a slump in copper prices, Zambia should maintain stable mining policies and taxes to avoid losing out to new, lower cost mines elsewhere, Chamber of Mines President Nathan Chishimba said on Wednesday.

Zambia is Africa's second-biggest copper producer, but Chishimba said companies faced challenges including old mines, deep ore bodies, low grades, low productivity and regulatory instability.

Zambia is facing its toughest economic difficulties in a decade as weak commodity prices, electricity shortages and slowing growth in China have hit growth.

Chishimba said Zambia's copper was expensive to produce and investors were reluctant to start new mines and expand existing ones because of constantly changing policies and taxes.

"There are new, low-cost mines coming on stream in other countries that can thrive in this low price environment," he said.

"Unless Zambia takes action now to address our challenges, so that we can compete with these other countries, our future as a copper producing nation is in peril."

Mining companies operating in Zambia include Canada's First Quantum Minerals, Swiss commodities giant Glencore and London-listed Vedanta Resources.

Chishimba said the problems in the mining sector were a national crisis which raised long-term questions about Zambia's economic prospects.

"We all need to come together and agree the conditions which best promote the growth both of the mines and the broader economy. As an industry, we are ready to create dialogue on this vital strategic issue on which the future of our nation depends."

Zambia's economy relies heavily on mining for investment, jobs and foreign exchange earnings and there is a need to diversify, he said.

"We have to create a high-growth, diversified economy which spreads risk and opportunities across the economy, creates more jobs and widens the tax base," said Chishimba.



Advertisement

 


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker