Zambia’s Chamber of Mines has asked the government to halt its proposed legislative and policy reforms, which it dubbed “an unprecedented threat” to investors’ rights and will weaken the country’s ambitions to boost copper production.
Reuters reports that the lobby group is against a draft law and related plans to increase state control over some minerals.
In a statement that the news agency saw, the Chamber claimed that President Hakainde Hichilema's administration has demonstrated a "serial unwillingness" to consult "meaningfully" with the mining companies.
It said Lusaka risks undoing all the good work achieved since coming to power in 2021 to attract investment to the country, which relies on copper for about 70% of export earnings.
The Zambian government recently announced plans to establish a state-owned firm to control at least 30% of future mines’ production of critical minerals, including copper.
Africa’s second-biggest copper producer is targeting output of three million tonnes by early next decade from less than 700,000 tonnes in 2023.
Mathew Nyaungwa, Editor in Chief, Rough&Polished
