Zambia's proposed mining law bad for investment, miners say
Zambia 's proposed minerals regulation law could deter investment and deliver a"fatal blow" to plans to raise annual copper output to 3 million tons, two mining bodies have said.
But Zambia's Chamber of Mines , the main mining industry body, and the Association of Zambian Mineral Exploration Companies said in a joint statement some parts of the proposed law"will drive up the perception of investment risk in Zambia". "The Bill also grants unaccountable and arbitrary discretionary decision making powers to individual regulators, which present obvious future corruption risks," they added.President Hakainde Hichilema's government, elected in 2021, has sought to repair the country's investment reputation and ramp up copper production, which was impacted by the seizure of Konkola Copper Mines from Vedanta by the previous administration in 2019.
Copper output slumped to 698 000 tons in 2023 from 763 000 tons the previous year, data from the Zambia Chamber of Mines showed.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Zambia corruption: President Hichilema fires entire anti-graft boardAnti-graft officials are accused of taking kickbacks from politicians in exchange for amnesty.
Read more »
Hakainde Hichilema’s facade of fighting corruption in Zambia is slippingThe president needs to take a strong line on graft if he is genuine about ending the scandals in which he is allegedly complicit
Read more »
Zambia's broadcasting regulator boss Guntila Muleya shot deadGuntila Muleya had only been the head of the Independent Broadcasting Authority for three months.
Read more »
The pathology of power in Zambia: How citizens can reclaim their cloutJust as minibus taxi passengers allow themselves to be bullied by the driver and his minion, citizens allow themselves to be dominated by a villainous minority
Read more »
Zambia cheers Muzala Samukonga’s historic win at Paris OlympicsZambia is celebrating a historic achievement as Muzala Samukonga won a bronze medal in the Men’s 400 metres at the Paris 2024 Olympics.
Read more »
Ex-Galaxy man in Zambia club searchEx-Galaxy man in Zambia club search
Read more »