President Hichilema Delivers Keynote Speech at Mining Indaba
President Hakainde Hichilema, at the on-going Investing in African Mining Indaba in Cape Town, South Africa, has welcomed two landmark investments by First Quantum Minerals involving $1.25 billion to expand production and extend the life of the Kansanshi Mine and an additional $100 million investment to bring online the $250 million new Enterprise Nickel Mine.
The investments will help create and safeguard thousands of jobs, generate additional revenues and stimulate wider economic activity.
This is the largest investment commitment seen in Zambia in the last decade.
First Quantum Minerals board on Sunday, 8th May, 2022 approved plans for $1.25 billion to expand production and extend the life of the Kansanshi Mine by 20 years, and an additional $100 million investment to bring online the $250 million new Enterprise Nickel Mine, a decision that First Quantum Minerals said was prompted by renewed confidence in Zambia’s investment climate.
And the President in his speech entitled ‘A New Dawn for Zambia’s Mining Sector’ set out the Government’s vision for a resilient and sustainable mining industry anchored on Environmental, Social and Governance (ESG) standards that delivers benefits for all Zambians.
He emphasised the need to move beyond talk of Africa’s potential towards action to realise that potential, saying Africa does not deserve to live in poverty as it is endowed with a lot of resources for wealth creation.
The President explained that since coming to office the New Dawn Government has been determined and focused on its efforts to rebuild the economy, which is anchored on the mining sector. He noted that the sector has the potential to make a much bigger contribution and that measures to support this were being put in place, including the upgrade of the cadastral system to become world class. The President stressed that under the New Dawn Government the mining regime would be transparent, consistent, predictable, fair and based on an intolerance to corruption. He reiterated that the Government is committed to delivering on domestic economic empowerment and job creation without resource nationalism, noting this is essential to ensuring the sustainability of investments and a secure social license for operators. He also stressed the importance of support for small-scale miners.
The President hailed recent initiatives such as the MOU signed with the Government of the Democratic Republic of Congo to facilitate the development of value chains in the electric battery and clean energy sector. Such initiatives position the country for future prosperity with the potential to create thousands of jobs and boost both local and regional economies. He also invited all mining companies with projects in the country that have stalled to immediately engage the Ministry of Mines
The Investing in African Mining Indaba is the world’s largest annual investment event for the mining sector and Africa’s largest gathering for mining operators, investors, governments, and service companies. Participation at the event is part of a government campaign to revitalise the sector as it works to increase production, from the current 830,000 tonnes to 3 million tonnes of copper per annum over the next 10 years, increase contribution to revenues and job creation through several avenues. These include the development of a more conducive, enabling policy environment; the identification of new opportunities; commodity diversification; deepening local involvement; and formalising and the enhancing of the capabilities of small-scale miners.
The President is accompanied by Minister of Finance and National Planning Hon Situmbeko Musokotwane and Minister of Mines and Minerals Development Hon Paul C Kabuswe.
Hon. Chushi Kasanda, MP
MINISTER OF INFORMATION AND MEDIA AND CHIEF GOVERNMENT SPOKESPERSON
9th May, 2022