President Hichilema Delivers Keynote Speech at Mining Indaba

H.E. President Hichilema yesterday delivered the keynote speech at the Investing in African Mining Indaba in Cape Town, South Africa.

In the speech entitled ‘A New Dawn for Zambia’s Mining Sector’ he set out the Government’s vision for a resilient and sustainable industry anchored on Environmental, Social and Governance (ESG) standards that delivers benefits for all Zambians. More broadly, he spoke about the need to move beyond talk of Africa’s potential towards action to realise that potential. He described it as embarrassing that there is so much poverty on the continent in the midst of so much wealth, saying there should be no excuses from African leaders on the subject but a clear commitment to getting the job done.

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. The President stressed that such measures 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.

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.

H.E. also welcomed the announcement of two landmark investments by First Quantum Minerals. This is the largest investment commitment seen in Zambia in the last decade and involves a $1.25 billion investment 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. Such investments will help create and safeguard thousands of jobs, generate additional revenues and stimulate wider economic activity.

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, revenues and jobs 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 M. C Kabuswe.