5 February 2014

Zambia: 'Minerals Act Will Attract Local Participation'

THE Government has said the revised Mineral Resource Development Act will ensure participation of Zambians in the ownership of mines.

Mines, Energy and Water Development Minister Christopher Yaluma said this is because the earlier mining agreements that were entered into after the privatisation process of the mines did not address how Zambians would benefit from the mining apart from being employed.

Mr Yaluma said on the sidelines of the ongoing 20th Invest in Africa Mining Indaba in Cape Town yesterday that the development agreements entered into were different from each mining company hence the decision to revise the Act.

He said the revised agreement would not destroy the mining incentives for investors but Government would at the same time take the interests of Zambians into consideration.

"Zambians must partake in ownership, not just employment. We are trying to guarantee for their equity so they can participate fairly all through the chain," Mr Yaluma said.

He also insisted that there was no need for exporting copper concentrates when there was existing capacity in the country to process the it.

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