25/02/2024
Highlights from His Excellency President Hakainde Hichilema’s statement to the 2024 African Mining Indaba taking place in Cape Town, South Africa:
✅ The President emphasized that several investments made in the mining industry are already paying off.
✅ He announced that First Quantum Minerals (FQM) has invested US$100 million in Enterprise Nickel Mine -Africa's largest nickel producer.
✅ First Quantum Minerals is also investing over US$1 billion to expand the Kansanshi mine and smelter in S3, which is helping to improve downstream beneficiation.
✅ He indicated that Moxico Resources began production at its Mimbula Mining project in March 2023, and during the first nine months of operation, the project produced 6,000 tons of Copper.
✅ The President noted that Kobold Metals, which uses Pioneering Artificial Intelligence, AI technology, has made significant progress in defining the orebody at its Mingomba project, following a $150 million investment in 2022.
✅ He further noted that Barrick Gold Corporation has doubled down on its commitment with a $2 billion investment to expand its Lumwana Mine into a ‘super-pit’, capable of producing 240,000 tons of copper per year when it comes online in 2028.
✅ China Non-Ferrous Mining Corporation has pledged US$1.3 billion investment over the next five years for its various operations in Zambia, including US$600 million reopening of shaft 28 at the Luanshya copper Mines, on the Copperbelt.
✅ The President reiterated government’s commitment to making Zambia a reliable investment partner of choice on the African continent.
✅ He indicated that the New Dawn Administration has made substantial progress in resolving issues around Mopani Mine and Konkola Copper Mines.
✅ Government is grateful to International Resource Holding and Vedanta Resources, for the combined US$2.3 billion investment they have committed to providing, in order to fulfill the potential of these two national assets
✅ Government has made significant efforts to support the Gemstone Sector and, in particular, Emeralds, where Zambia has become the world’s largest producer of this precious stone.
✅ He encouraged diversification through mineral exploration exercise so as to confirm resources in rare earths, lithium, gold, manganese, graphite, Sugilite, and diamonds.
Energy and Transport Sector
✅ He indicated that Government is working with local and international partners to boost Zambia’s energy and transport infrastructure, which will help to support the country’s bold mining ambitions.
These projects include:
1. The US$2.2 billion Kafue Gorge Lower Power Station; the UK- Zambia Green Growth Compact, opening up US$3 billion in private sector and government funding for renewable energy projects across Zambia.
2. The Copperbelt Energy Company US$200 million Green Bond issued - to finance solar, wind and other renewable energy in Zambia.
✅ He also noted that Government has opened up the energy market to private sector players through the open access regime and facilitated off-taker guarantee financing, allowing mining companies to finance captive power to fuel their expansion projects.
✅ Government has further lined up infrastructure projects like the Zambia - Lobito rail line and the upgrading of TAZARA railway line to provide a smoother route to markets for mining operations based in, Zambia.
✅ The President has since called for investment partnerships to power new, green, African future: helping the world to meet its climate targets and usher in a new era of industrialisation for Africa, and the global community.
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