A vibrant local capital market is crucial for attracting foreign institutional investors to Zambia’s mining sector, according to Norman Mbazima, a senior executive with over 20 years at Anglo American and Chairman of Anglo American Platinum.
Speaking at the Zambian Mining and Investment Insaka, Mbazima emphasized the need to create a favorable investment environment to unlock Zambia’s mining potential. He participated in a panel discussion titled “Mining Beyond Copper: What’s in it for Zambia?”, alongside esteemed experts, moderated by Professor Emmanuel Chanda, Head of the Mining Programme at the University of Adelaide, Australia.
During the discussion, Mbazima provided a historical overview of Zambia’s mining sector, dating back to the copper discoveries of the 1920s. He discussed the challenges of the nationalization period following Independence and the later privatization phase, highlighting both the successes in social development and the production setbacks experienced.
Mbazima underscored the essential role of foreign investment in Zambia’s mining development and emphasized the ongoing need for external capital to drive large-scale projects. “A strong capital market is key to attracting foreign investors who can provide the necessary funding to expand operations without compromising national interests,” he stated.
He also stressed the importance of consistent and predictable government policies in fostering an investment-friendly environment. “Investors need stability. They manage funds for pensioners and others seeking long-term returns, so they must trust that Zambia is a secure place for their investments. Developing a mine can take years, and investors need assurance of policy consistency,” Mbazima added.
Furthermore, he highlighted the mining sector’s substantial contribution to Zambia’s economic development, crediting it with the creation of major infrastructure projects such as the Kariba Dam, the railway network, and the Great North Road. He called for economic diversification, not as a replacement for mining, but as a strategic expansion of Zambia’s economic base. “Mining is fundamental, but we must also explore other sectors to grow the economic pie,” he remarked.
Dr. Godwin Beene, President of the Zambia Chamber of Mines and Country Manager for First Quantum Minerals, also spoke on the panel, addressing the historical and ongoing challenges facing the mining industry. He cited global metal price volatility and regulatory shifts as critical concerns for investors and echoed the need for stability and collaboration for long-term success. Beene advocated for strategic public-private partnerships, a skilled workforce, and responsible environmental practices to ensure sustainable industry growth.
The panel concluded by reaffirming a shared vision for Zambia’s mining future, emphasizing the importance of fostering an investment climate that promotes innovation, supports sustainability, and delivers long-term value for all stakeholders.
Anglo American has recently increased its investment in Zambia, finalizing a joint venture agreement with Arc Minerals plc. This deal gives Anglo American the right to retain up to a 70% shareholding in the joint venture, which focuses on copper and cobalt exploration in Zambia’s North-Western Province.
