Africa-Press – Zambia. In a significant development for Zambia’s mining sector, the government has announced plans to hand over Mopani Copper Mines to a new investor by the end of February 2024. Finance and National Planning Minister Situmbeko Musokotwane disclosed this information, further revealing that only one step remains before Konkola Copper Mines is returned to Vedanta, with production set to resume.
Dr. Musokotwane emphasized that the return of these mining giants to production will not only revive livelihoods in the Copperbelt region but also across the country. He highlighted that even before production commences, investors are already injecting money into Zambia, paying local creditors, and preparing for increased production. These payments have contributed to the appreciation of the kwacha, he noted.
Moreover, Dr. Musokotwane expressed confidence in the economy’s growth trajectory, citing developments by mining companies like FQM and Barrick, which have begun developing new ore bodies to enhance production.
The Finance Minister made these remarks during a Ministerial Statement on the Performance of the economy as of January 31, 2024, in the National Assembly. Additionally, he provided an update on the progress of debt restructuring, stating that formalities and agreements with official creditors are nearing completion.
These announcements signal positive momentum in Zambia’s mining sector and broader economy, with the imminent return of key players expected to catalyze economic growth and stability.
The government’s proactive measures and progress in debt restructuring are viewed as crucial steps towards revitalizing the country’s economy and fostering investor confidence.
This news comes as a promising development for Zambia, with hopes high for a resurgence in economic activity and prosperity, particularly in regions reliant on the mining industry.
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