7 November 2012

Zambia: Mines Provide Fourteen Percent to Nation's Treasury in Six Years

An increase in mine investments in the last six years has enabled mining firms to contribute at least 14 per cent to the country's treasury, Chamber of Mines of Zambia (CMZ) general manager Frederick Bantubonse has said.

Mr Bantubonse said Zambia Revenue Authority records show that the current production and export levels constitute about three quarters of the country's overall exports.

He said since the completion of the privatisation of the mines a decade ago, the mining sector had contributed more than US$6 billion in direct investment in the economy.

The projects which have played a pivotal role in the expansion of the mining sector include the rehabilitation of plants and equipment, expansion of existing processing plants, establishment of new processing plants and the openning of new mines, with more planned within the medium term.

"The benefits arising from this investment to the sector include the introduction of new and more efficient technologies, transfer of knowledge in management, operational and technical skills, improvement in the quality of the environment and the enhancement of the sector's contribution to the national export profile and Gross Domestic Product (GDP)," he said.

He said mining companies also provided various social services as part of their corporate social responsibility programmes.

Mr Bantubonse said the mining sector's community support projects amounting to K1.5 trillion had been under-taken since 2006.

The projects include health, education, social welfare, food security, sports and recreation, and infrastructure and economic empowerment initiatives in the communities.

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