U.S. Global Investors CEO praises Hichilema’s business approach

Global Investor CEO Frank Holmes has praised President Hichilema’s pro-business policy approach while in government.

Writing in an article in Forbes, he said, “Hichilema’s pro-business approach, coupled with his commitment to economic reforms and anti-corruption measures, has steadily made Zambia an attractive destination for investors. His administration’s efforts to stabilize the economy, enhance governance and foster a conducive business environment are particularly noteworthy.”

Frank Holmes is the CEO and Chief Investment Officer of U.S. Global Investors. He met with President Hichilema at the Young Presidents’ Organization event in Zimbabwe where one of the forefront discussions was investment opportunities in Zambia.

The mining sector accounted for 17.5% of the country’s GDP and over 70% of foreign exchange earnings in 2021.

Zambia’s ambition is to produce 3 million tonnes of copper annually by 2032 (an increase from around 800,000 tonnes currently), and major investors have recognised the promise of both Zambia’s mining capacity, and its potential for surplus hydropower which accounts for over 80% of the country’s energy mix.  

Barrick Gold committed nearly $2 billion to expand copper production at Lumwana mine in 2023, and in 2022 First Quantum Minerals pledged a $1.35 billion investment spanning 20 years in the Kansanshi mine, alongside a solar and wind energy project to power its operations there.