Mines Minister Richard Musukwa

MINISTER of Mines and Mineral Development Richard Musukwa has urged European investors to take advantage of the stable polices and vast mineral resources potential in Zambia.

Speaking when he gave an overview of the investment opportunities in Zambia at the Mines and Money Conference in London, Musukwa said ratings by globally reputed institutions attest to the conducive and competitiveness of Zambia as the best destination for investment, despite the global and domestic challenges.

He cited the World Banks’ 2020 Ease of Doing Business Report which has rated Zambia as one of the top 10 best performers in Africa, ranking 7th in Africa, and 5th in Sub-Saharan Africa.

“Zambia is a favourable investment destination for mineral development and mining. We have unexploited vast potential mineral resources aside from the traditional base metals in the country”, he said.

Speaking during the same event, ZCCM Investments Holdings Chief Executive Officern (CEO) Mabvuto Chipata said even though copper remains ZCCM-IH mainstay commodity, the institution is focusing on commodity diversification within the sector.

Chipata said ZCCM-IH is now focusing on developing Greenfield projects in other minerals such as gold, manganese, vanadium and cobalt among others, in an effort to de-risk the portfolio and create new revenue streams.

“ZCCM-IH is working in collaboration with the Ministry of Mines to ensure formalization of artisanal and small scale gold miners, and also participate at a large scale in terms of mining as a company as well. We have since started with preliminary exploration works on a potential large scale mining operation for gold in a prime area with a target to start operations next year” he said.

Chipata added that Government is promoting the setting up of businesses within Zambia to utilizing minerals in the manufacturing of finished products.

He gave an example of iron ore deposits that remain unexploited and can be used in the iron and steel industry with SADC and COMESA regions offering ready markets.

The Mines and Money Conference opened its doors to the public on Monday 25th November 2019 and will run until 28th November 2019.

This is according to a statement issued to the media by Abigail Chaponda the First Secretary for Press and public Relations at the Zambian High Commission in the United Kingdom.