Mines Minister, Kabuswe, berates discriminatory interest rates against borrowers from Africa

The Zambian government has noted with concern the current disparity in interest rates for the mining industry on the international financial markets.

Mines and Minerals Development Minister, Paul Kabuswe, stated that this was an issue which should be addressed to foster equitable access to resources for African miners.

Kabuswe was speaking during the panel discussion at the 3rd Future Minerals Forum, held in Riyadh, Saudi Arabia, from January, 9 to January 11, 2024.

The discussions were held under the title: ‘Making Africa, Western and Central Asia Processing and Manufacturing Hubs.’

The Minister noted that rates for borrowers from Africa were higher compared to other regions and this was stiffling the growth of the sector among African economies.

“There is also need for African countries to collaboratively develop and implement policies that facilitate value addition to critical minerals within the continent so as to maximize benefits from the mining sector,” he said.

Kabuswe emphasized the crucial role of cross-country collaboration in harnessing critical minerals for green energy and ensuring the collective benefits for the people of Africa.

The Minister stated that the relationship between mining companies and the local people should be based on mutual respect and sharing benefits equitably with the host countries.

He further pointed out the crucial need for affordable capital and technology emphasising that even small-scale miners should have access to the necessary finance and technology to expand their operations.

Other participants on the same panel included Khaled Al-Falih, Minister of Investment, Kingdom of Saudi Arabia; Geoffrey Pyatt, Assistant Secretary for Energy Resources, United States Department of State, Dominic Barton, Chairman, Rio Tinto; and Edwardo Bartolomeo, Chief Executive Officer, Vale.

The two-day Future Minerals Forum brought together representatives from over 65 countries, comprising government officials, international organisations, mining experts, investors, and mine suppliers.

The event served as a platform for networking, sharing ideas and marketing of investment opportunities in their various countries.

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