‘Engage investors to set up new mines’
ZCCM-IH should engage foreign and local investors to establish new mines and start exploiting minerals across the country, Economic Association of Zambia president Lubinda Haabazoka has advised.
And Dr Haabazoka said the move by government to reject the offer by First Quantum Mineral (FQM) shows that it wanted the nation to benefit from the mines.
Dr Haabazoka in an interview with Daily Nation yesterday said there was need for private entities to come the country explore new mines thereby increase government’s revenue.
He said that the ZCCM-IH must explore and found equity partners to come up with new mines because government had a leverage on concession that would help expanding the industry.
“As a country we believe in free market economy is it was prudent that other players comes in to explore other mines in various parts of the country. ZCCM-IH can look for equity partners that can explore new mines,” Dr Haabazoka said.
Dr Haabazoka said coming up with new mining firms in the country would act as barometer to the performance of already existing mines.
Meanwhile Dr Haabazoka has welcomed the move by government to reject the offer by FQM as it showed patriotism to ensure that the nation benefited from the minerals.
He said that FQM proposed that offer because the mining industry was attractive and could help it to earn meaningful profit.
“The offer by FQM shows that the mining industry was attractive because if it was not attractive they wouldn’t have bided for more shares,” Dr Haabazoka said.
The mining industry in Zambia is very attractive to the foreign investors, as an association we have been monitoring the development in the sector,” he said.