Mining Companies urged to invest in capital projects.
A local bank has called on mining companies in the country to invest in capital projects and latest technology to remain competitive.
In a statement to Money FM News, Stanbic Bank Head of Corporate and Investment Banking Helen Lubamba said the Country’s mining industry plays a crucial role in stimulating development in the areas of its operation.
“However, for the country’s Mineral Resources to maintain this impact, mining companies must invest for the future, invest in capital projects, and invest in the very latest technology to remain competitive,” She said.
Ms. Lubambe said this is why the world’s mining executives, along with government experts and financiers converged on Cape Town this week for the industry’s most important annual gathering – the Mining Indaba.
“After government, the extractive industry is the country’s largest employer. The sector’s contribution towards employment extends beyond its direct workforce to include contractors in the mining value chain and other businesses down-stream,” she added.
She stressed the need for stakeholders to put in place measures that will not only ensure the survival of the mining sector but also increase its contribution to national Gross Domestic Product by facilitating its growth as a viable business.
Ms. Lubambe said for the value of mining to have a meaningful impact on Zambia, there is need for local communities to take a leading role in shaping and growing the sector and spread its benefits to the rest of the country.
