Govt confident tax, fiscal incentives to boost mining production in 2024

Finance Minister, Situmbeko Musokotwane, has expressed hope that the tax and fiscal incentives the government is providing would resurrect the country’s mining industry.

Musokwane admitted during the 2024 budget presentation in parliament in Lusaka on Friday that in the first half of 2023, production of copper, emeralds and manganese declined mainly due to operational challenges.

He said this was compounded by flooding and low ore grades at some major mines, stating that in due course the regime would announce the entry in the industry of the global mining investor.

Musokotwane reported to the house that with resolution of challenges at Mopani Copper Mine (MCM) and Konkola Copper Mines as well as the possible coming on board of new mines, the mining sector was expected to boost production in 2024.

“This will support our goal of achieving the three million tonnes of copper production per annum by 2032,” he promised .

Musokotwane was hopeful that in 2024 government would carry out aerial surveys in Copperbelt, Lusaka, Northwestern, Southern, and Western Provinces as well as parts of Central Province.

Accurate geological information, he said was fundamental to the achievement of the three million tonnes of copper production target by 2032.

Musokotwane also pledged to maintain a stable mining tax regime to retain and attract investments in the mining sector.

He reiterated the earlier announcements that a Bill would be brought to parliament during the current session to operationalise the Minerals Regulation Commission.

The commission, according to Musokotwane would address, among others, issues pertaining to production reporting, mineral content analysis, illegal mining and illicit trade of minerals.

WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.