By 
American Ambassador to Zambia, Michael Gonzales, says growth in the mining sector has been hampered by policy inconsistencies under the previous governments.
Gonzales told Zambia Monitor that this had been scaring away American investors and others from investing in the sector as it proved to be unstable, resulting in the country not reaching the desired production levels.
He said the country had seen a stagnation in terms of production of between 700,000 metric tonnes to 800,000 metric tonnes annually, and these could have increased with policy consistency in the sector.
Gonzales was hopeful that the New Dawn Administration will bring policy consistency in the mining sector in order to attract more investors, which will result in increased production levels.
“This will not only result in the stability of the sector but will result in the government achieving its desired 3 million metric tonnes of production in the next 10 years,” he said.
Gonzales said companies like Kobold Metals, which unveiled its Miningomba exploration site in Chililabombwe, were looking for predictability and stability in the mining sector policy before they can pump in huge sums of money.
Read More: Zambia must constantly review tax incentives in mining sector to ensure dynamism —Report
“The commitment shown by the government is commendable and must be turned into action in order to realize its dream of increased copper production, job creation, and revenue collection,” he said.
Gonzales said investors were ready to commit resources into the sector and carry out explorations, which is cardinal to the growth of the sector.
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.
Comments