Categories: Editor's Picks

Lack of value addition disappoints Small Scale Miners

The Small Scale Miners Association of Zambia (SSMZ) says most investments in the mining sector do not excite the association because they do not correspond with the activity on the ground.
in an interview, Association Executive Director Kunda Chani told Money FM News that according to audit findings by the organization, most companies that come into the country to participate in the reprocessing of raw materials do not promote value addition of the minerals mined.
Mr Chani added that the companies do not provide the necessary impact within the communities they operate from despite pledging huge investments in the projects.
“To some extent these invests that are pronounced generally to the Zambian people particularly in the mining space do not excite us as an association because investments figures do not correspond with the activity on the ground,” he said.
He also noted that government does not realize the much needed revenue from the investments a situation he describes as unfortunate.
Mr Chani has since urged government to direct a joint team of officials from various government authorities so that pronounced investments by most investors especially in the mining sector correspond with the figures they pledge to inject in a project.
“Independent undertakings that we have made as an association have reviewed that figures pronounced by the investors are and there is very little impact that the firms have in communities they operate in.”
Mr Chani’s comment comes in following the pronouncement by the Zambia Development Agency (ZDA) that a Chingola based mining firm intends to invest about $41 million in copper processing at the slung dump site popularly known as the Black Mountain on the Copperbelt.

More From Author

World Bank urges Zambia to capture other benefits beyond mining sector

• World Bank is committed to supporting African countries to translate Africa’s mineral wealth into…

Read More

Kwacha gains should benefit consumers – BuyZed

• This is to ensure that consumers begin to enjoy what is produced locally.• Manufactures…

Read More

SEC attributes decline in Q4 bond trades to delayed debt restructuring process

• One of the challenges is to do with the delays in finalizing the debt…

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

IZB profit up 18.74% to K604.33 million

IZB has posted a K604.33 million Net Profit after tax for the year ended 31st…

Read More

Indo Zambia Bank declares K50 million dividend cheque

This is part of the K125 million dividend, the highest ever for 2023 financial year.…

Read More

Economist expects currency to hit K15 between April, December, 2024

  The Kwacha has been experiencing an unusual decline since introduction of the Export Proceeds…

Read More