We’ll push for higher stakes in future mines, says Kabuswe
GOVERNMENT is keen to negotiate larger holdings in new mining projects to raise its revenue and boost spending by investors on social projects, says Mines and Minerals Development Minister, Paul Kabuswe.
Mr Kabuswe indicated that this would be done through ZCCM-IH to future agreements and would not include existing mines, hence it should not worry investors.
“Stakes in new tenements will actually be moulded around such kinds of partnerships.
“We want to make sure that there is a win-win, situation, that there is no slave-master relationship and we also want to make sure that there’s social impact,” he told Reuters at the Mining Indaba in Cape Town, South Africa.
He said: “We are going to be very strong in negotiations, but not too strong to the extent of scaring away potential investors.
“Lusaka also planned to start buying minerals such as copper from projects it had stakes in to trade on its own.”
ZCCM-IH was believed to have interests of 10 percent to 20 percent in mines including those owned by Barrick Gold, Vedanta Resources and First Quantum Minerals.
On the other hand, ZCCM sold a 51 percent stake in Mopani Copper Mines to a unit of United Arab Emirates’ International Holding Company, retaining the remainder, which previously belonged to
Glencore.
Meanwhile, Mr Kabuswe said Government was also closely following developments on First Quantum’s Panama mine and hoped the challenges the Canadian miner was facing were resolved.
He added that First Quantum had not informed the government of any plans to sell or bring in a strategic investor.