Zambia could lose US$500m

ZAMBiA could lose up to US$500 million annually due to illicit financial flows (iFFs) if transparency and accountability are not promoted in the mining sector, Consumer Unity and trust Society (Cuts) has said. And a trade expert from Stanbic Bank plc has urged mining houses to expand production in view of high copper prices on the international market. on Friday, the price of copper on the london Metal Exchange (lME) was trading around US$10 288 a tonne. As of 2020, Zambia’s total iFFs were reported to amount to about K3 billion (US$171 million). This is according to a recent study conducted by an American-based Natural resource Governance institute. — Zambia Daily Mail.