Zambia jumps nine places to become Africa’s third most attractive destination for mining investors

Zambia has moved to a third place in investment attractiveness amongst Africa’s mining countries, as ranked by the latest Fraser Institute Report.

The report, an annual survey of global mining investors, ranked Zambia’s attractiveness to a third place from the previous 12th place.

Zambia had dropped off the rankings from 2019 to 2021, re-entering at 58th in the world in 2022 and rising to 34th in the latest 2023 report.

The Zambia Chamber of Mines (ZCM) commented on the development saying mining investors had been impressed by government’s consistent messaging around increasing mining investment, backed up by key reforms to the mining taxation regime.

Chamber president, Godwin Beene, in his comment through a statement on Thursday noted that Zambia was becoming a much more attractive destination despite legacy challenges and unforeseeable headwinds.

Read more: Zambia’s mining industry records $3.4 billion in investments

“The vital next step is to manage the reform of the overall mining regulatory framework in a way that accords with global best practice.

“If we can achieve a legislative and regulatory reform that creates far greater transparency in the regulation of minerals – a level and visible playing field for all – an effective and efficient regulator, well drafted and precise laws, with clear protections for rights of tenure, then we will have laid the basis for serious mining-led development in Zambia,” Beene said.

He, therefore, encouraged government to take full advantage of the positive sentiment published by the Fraser report.

“There has never been a better moment for government to fully reset the narrative than now. It is only growth that can sustainably avail the opportunities that Zambians seek, while delivering tangible development over the long haul,” he said.

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