Zambias aim is for mining to take an even bigger role in

first_imgSpeaking at the Paydirt 2014 Africa Down Under Conference last week, Zambian Minister for Mines, Energy & Water, the Hon Christopher Yaluma said “Zambia is among the major mining countries on the continent of Africa with an average growth of 5% per annum over the last ten years. The contribution of mining to the Gross Domestic Product in the past ten years averaged 10.19%. The vision of the Government is to increase the contribution of mining to GDP to 20% in the next five years. “To achieve this, a number of measures are being implemented. These include:Adoption of a clear policy on mining. A new policy, the Mineral Resources Development Policy, was launched in 2013. The policy clearly outlines Government position on the development of mineral resources in the country. It is aimed at facilitating the development of a mining industry that generates benefits for the Zambian people while at the same time rewarding the investorsThe mineral potential of Zambia is not fully exploited. We realise that to unlock this potential, Foreign Direct Investment (FDI) is required on one hand and support of the local communities on the other hand. Hence the policy that ensures fair benefits for the local communities and rewards for the investors. In this setup, the role of Government remains that of ensuring an enabling environment for the development of a vibrant and orderly mining industryRevision of the legal framework. The principal legislation governing the mining industry in Zambia is the Mines and Minerals Development Act no.7 of 2008 which is based on Government’s commitment to the application of modern principles of transparency and accountability in the management of mineral resources. The Act broadly deals with licensing and regulation of mining activities. The revision of the Act, has reached an advanced stage.” ,last_img read more