INSURERS ZCCM-IH DECLAREINVESTS $250, 000 IN GOLD LAB BUDGET POSITIVE

BENCHMARKS set for the coming year indicate that the setbacks experienced in 2020, such as the economic impact of COVID-19, can be overturned, says Insurers Association of Zambia (IAZ).

IAZ looks forward to being a key partner for sustainable economic growth and financial protection, says the association’s president, Nkaka Mwashika.

Dr Mwashika said the insurance fraternity followed the 2021 national budget proceedings with keen interest.

He said in a statement that the pronouncement concerning procurement of ity in the economy.

For insurers, he said, premium received in a timely manner meant that the insurer would be able to invest it, so that timely settlement of claims would also be assured. BOUT $250, 000 has been Dr Mwashika said the invested in setting up a plans to commission the 750 laboratory that will establish gold

megawatts of power station content in ore which will be bought

local goods and services was Dr Mwashika said Govwere a positive sign for the from artisanal and small scale gold

economy. miners a positive Zambia. move for the local ernment’s plan to focus on

“Economic activity will economy. ZCCM-IH has set up the laboratory the in deployment of climate partnership Dr Mwashika with Karma noted Mining that Services smart agriculture technolincrease with the increased and Government Rural Development has presented Limited in ogies and practices, was a availability of electricity, and Consolidated a bill to repeal Gold and Company. replace welcome move. this in turn will mean the in

Chief Executive Officer, Mabvuto surance sector will be able to the Public Procurement Act This, he explained, was a Chipata, explained that the purpose of provide more services, as the No. 12 of 2008 with a view of prudent way to manage the the joint venture was to develop a gold economic activity increaspromoting the purchase of risks associated with rainprocessing and trading operation in es,” he said. local goods and services. fed farming. Zambia. He further said: “news

Mr “This Chipata will said result the investment in the was “The insurance sector of the Zambia Gold Comin growth line with of one local of ZCCM-IH’s industries, strategic continues to provide Weathpany Limited, established objectives and risk of management value creation tools which was er Index Insurance cover, to spearhead gold mining to such diversify as insurance its investments will away have from and the industry will also be

and trading activities in the copper an important to other minerals part to play such as in gold available to discuss different

country, “As Karma raises Mining the Services prospect and Rural Development, our and securing other precious the growing metals. busiforms of insurance for the

of expertise increased is in economic gold processing, activbut we are mostly working He said this during the laboratory nesses. technology which will soon ity with for artisanal local companies and small scale such gold miners.’’ media tour in Lusaka yesterday.

“Cover such as fire insurbe in widespread use by the as suppliers and service pro“This is also in line with Government’s

ance, liability insurance, farming community,” he classification of gold as a strategic ore that would be received viders. from various

goods-in-transit, and consaid. resource for Zambia,” he said. miners, who would get a fair “We share are and confident that lotractors Consolidated all-risks Gold and Company group Chief Meanwhile, value for Dr their Mwashika material. cal industries such as insurExecutive life insurance, Officer, Faisal will be Keer, very explained said Government’s “As Karma commitMining Services ance and will Rural be included among that important the laboratory for economic would be able acto ment to Development, reducing domestic our expertise service is in gold providers for upprocess tivity,” Dr about Mwashika 30 samples said. per day. debt would processing, improve but liquidwe are mostly coming working gold mining sector.”

Mr Keer said the laboratory was critical with artisanal and small scale gold to determine the gold accurately in the miners.

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