Paul Kabuswe, the Zambian Minister of Mines and Minerals, highlighted the challenges faced by Zambia despite its efforts to reform economic policies and attract investment in its mining sector. Speaking at the Investing in African Mining Indaba in Cape Town, he emphasized the significant gaps in geological surveys and other crucial activities supporting mining within the country.
Kabuswe urged African nations to collaborate and leverage their strategic strengths to engage with the global market as a unified entity, discouraging tendencies of “resources nationalism.”
Despite a nearly 500% increase in Zambia’s national budget for mining, Kabuswe noted that this allocation represented only a small fraction (5%) of the country’s exploration potential. He underscored the importance of mutually beneficial partnerships and cautioned against resource nationalism, emphasizing the need for communities to witness tangible value from mining activities.
Highlighting Zambia’s ongoing debt challenges, Kabuswe stressed the continent’s need for accessible capital. He urged swift action in debt restructuring negotiations to alleviate the burden on Zambia’s economy. Additionally, he emphasized the importance of stable policies and investor-friendly regulations to attract and retain investments in Zambia’s mining sector.
Kabuswe also addressed concerns about fraudulent practices in reporting production figures, urging transparency and accountability among investors. He emphasized Zambia’s commitment to providing a conducive environment for private-sector-driven growth, emphasizing the need for consistency in policies over the next five years.
Lastly, J. Peter Pham, former US Special Envoy for the Sahel region, encouraged African leaders to maximize opportunities presented by the African Continental Free Trade Area Agreement, advocating for unified negotiations on critical mineral trade with the global community.
