Minister of Mines and Minerals Development Richard Musukwa says for Zambia to continue attracting foreign direct investment in sustainable mining projects, it is important to reduce the risk that comes with mining investment by making sure that the investors have access to adequate geological information.

Mr. Musukwa said it is for this reason that Government through the geological survey department has continued in carrying out geological mapping of the country in an effort to expand knowledge on mineral occurrence around the country.

He was speaking at the ongoing 5th annual International Mining and Resources Conference during the inaugural Africa Focus Day session on Promoting Opportunities for Sustainable mining practices within Africa.The IMARC which is one of the world’s largest resources conference, officially opened on Monday, 29th October to run till 1st November 2018, in Melbourne, Australia.

And Zambia’s High Commissioner to Australia Frank Bwalya, who is also attending the conference says the new wave of interest in the mining sector by Australian investors is in response to the vision of the Zambian Government to develop the country though Industrialisation.

Mr. Bwalya has observed that as the Industrialisation agenda gathers momentum, more interest in Zambia’s mining sector will be generated.

And speaking during a panel discussion on investment and development opportunities in Africa, ZCCM Investments Holdings Plc Chief Executive Officer Dr. Pius Kasolo said that Zambia remains a favourable investment destination in mining due to the enabling investment climate with a vast unexploited mineral resource.

Dr. Kasolo said that the industry is open to investors from various nationalities, and that this is representative of the existing players who are diverse and multinational in nature, contrary to the sentiments that the sector is largely occupied by Chinese investors.

This year, the conference has attracted over 6,000 attendees from over 90 nations, with over 200 expo stands showcasing the best of the minerals industry from machinery, technology, services, government pavilions, and mining companies, including ZCCM-IH.

The conference also coincides with the bi-annual meeting of the International Council on Mining and Metals, a CEO-led organization bringing together 27 of the world’s leading mining and metals companies.

Zambia is being represented by a delegation led by the Minister of Mines and Minerals Development Richard Musukwa, Frank Bwalya, Zambia’s High Commissioner to Australia and ZCCM-IH’s Board Director Mateyo Kaluba and the Chief Executive Officer, Dr Pius Kasolo.

This is according to a statement issued to the Media by Loisa Mbatha-Kakoma, Public Relations Manager ZCCM Investments Holdings Plc.

Source: Lusala Times

A 5,655-carat emerald described as having “remarkable clarity and a perfectly balanced golden green hue” was discovered in Zambia in early October.

The gem was unearthed at the Kagem mine, the world’s largest emerald mine, which is 75% owned by Gemfields Group, a London-based supplier of responsibly sourced colored gemstones, with the remaining stake in the mine owned by the Government of the Republic of Zambia. Gemfields specializes in the mining, processing, marketing and sale of colored gemstones, in particular emeralds and rubies.

The emerald was discovered in the eastern part of Kagem’s largest open-pit mine on October 2 by geologist Debapriya Rakshit and veteran emerald miner Richard Kapeta, Gemfields said in a statement, adding that “this area of the mine has proven to be particularly fertile in recent months with the Kagem team recovering several significant crystals there, but none with the combined size, color and clarity” of this emerald.

In a rare honor, Gemfields chose to name the gem. In this case, “Inkalamu,” which means “lion” in the Zambian Bemba language. The company says the name is in honor of the work carried out by two of Gemfields’ conservation partners, the Zambian Carnivore Program and the Niassa Carnivore Project in Mozambique. Gemfields has three-year philanthropic sponsorships with each organization in order to aid them in wildlife conservation, promote community development and stem the problem of poaching by developing alternative livelihoods. The company further said it will donate 10% of the sale proceeds of the emerald to the two organizations.

“These partners work tirelessly to smooth the relationship between Africa’s carnivores and local communities across vast, remote and challenging areas,” the company said.

Source: Forbes

President Edgar Lungu says value addition is key to diversifying the economy and for creation of quality Jobs.

President Lungu says value addition to minerals is one of the strategies outlined in the seventh National Development Plan (7NDP).

President Lungu said this in Lusaka today when he graced the celebration of Jewel of Africa 25 years of its existence.

The Head of State said the increase in expansion of the industry and adding value to the minerals in the country will ensure growth in the sector.

He said the mining sector, large or small is a viable business venture in the country because it is a resource which is abundant.

President Lungu urged Zambians to show off its mineral wealth that the country is endowed with, as the sector has lagged behind.

He has since commended Jewel of Africa for its achievement and encouraged other business ventures to succeed and that more companies should emulate the firm.

Speaking earlier Minister of Commerce, Trade and Industry, Christopher Yaluma said it is good that Jewel of Africa uses locally sourced materials.

Mr. Yaluma said he is impressed with the company for adding value to the rich mineral wealth that the country is blessed with.

He said this will in turn create a ripple effect in the economy and create meaningful jobs for the local population.

Mr. Yaluma also encouraged the local industries to tap into the mining sector so that it may achieve its full potential.

Meanwhile, Minister of Mines and Mineral Development Richard Musukwa said there is need to protect the industry in order to support the economy.

Mr. Musukwa stated that the mining sector requires huge and massive infrastructure development that can support the development of the industry.

He stressed that Jewel of Africa has led the way and created a path that will ensure many players are involved in adding value to the mining sector.

And Jewel of Africa Managing Director Raj Sharma said it has not been an easy journey to reach where the company is today.

Dr. Sharma explained tha he is happy with the favorable economic policies that has helped them in doing business and eventually growing the business.

Source: Lusaka Times

LUSAKA – Mining companies operating in Zambia will still meet their operational costs even after the government imposes higher taxes in Africa’s No.2 copper producer, its finance minister said on Wednesday.

Zambia plans to introduce new mining duties, replace Value Added Tax with sales tax and increase royalties to help bring down mounting debt, Finance Minister Margaret Mwanakatwe said while delivering the 2019 budget speech last month.

Speaking on Wednesday at the closure of the debate on the budget speech in parliament, Mwanakatwe said Zambia was aiming to boost revenue collection.

Mwanakatwe told parliament that even with the proposed taxes “we are confident that mining companies will be able to meet their operational costs.”

Her comment appeared to be a sign that Lusaka will not reverse the proposals to raise taxes in the sector.

“We must register an improved and steady flow of revenue from mining commensurate with the size of extraction.”

Mining firms represented by Zambia’s chamber of Mines have opposed the proposed tax, while the Association of Zambian Mineral Exploration Companies has said the higher taxes would hurt investment in finding new mines.

Foreign mining companies operating in Zambia include NFC Africa, majority owned by China Non-ferrous Metals Company Limited (CNMC), Canada’s First Quantum Minerals, Glencore, Barrick Gold and Vedanta Resources.

Source: Morning Weekly