The proposed regulation, seen by Reuters on Wednesday, seeks to present the nation’s minister of finance the best to keep up a shareholding in a mining license on behalf of the federal government if minerals are found.
However Zambia’s Chamber of Mines (ZCM), the principle mining business physique, and the Affiliation of Zambian Mineral Exploration Firms (AZMEC) mentioned in a joint assertion some components of the proposed regulation “will drive up the notion of funding danger” within the nation.
“(With) the prospect of pressured ‘free carry’ acquisitions by the state of stakes in new ventures, this Invoice will critically undermine property rights,” the mining business our bodies mentioned.
Zambia’s mines ministry was not instantly out there to remark.
President Hakainde Hichilema’s authorities is in search of to draw extra traders to spice up copper output to about 3 million tons over the last decade.
Copper output slumped to 698,000 tons in 2023 from 763,000 tons the earlier yr, in keeping with knowledge from the ZCM.
Barrick Gold and First Quantum Minerals are amongst traders which have outlined main growth plans to spice up copper output in Zambia.
(By Chris Mfula and Nelson Banya; Modifying by Angus MacSwan and Jan Harvey)