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Zambia will negotiate larger holdings in new mining projects as a strategy to up its revenue. This was stated by Zambian mines minister Paul Kabuswe. This can be the rule for future agreements the country would sign. For a long time, most of the African countries having large mineral deposits have been toyed with this idea.
Zambia will negotiate larger holdings in new mining projects as a strategy to up its revenue. This was stated by Zambian mines minister Paul Kabuswe. This can be the rule for future agreements the country would sign. For a long time, most of the African countries having large mineral deposits have been toyed with this idea.
Zambia is Africa’s second-largest copper producer after the neighboring Democratic Republic of Congo. ZCCM has interests of 10% to 20% in mines including those owned by Barrick Gold, Vedanta Resources, and First Quantum Minerals.
ZCCM sold a 51% stake in Mopani Copper Mines to a unit of United Arab Emirates International Holding Company, retaining the remainder, which previously belonged to Glencore. While Zambia’s government has set a copper production target of about 3 million metric tons within a decade, output has been declining gradually due to challenges at some operations including Mopani and Konkola Copper Mines.
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Lusaka also plans to start buying minerals such as copper from projects it has stakes in to trade on its own. While the details of establishing a trading house are still to be worked out, a special purpose vehicle had been approved by the Zambian cabinet, Kabuswe said.
