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Rise in Copper prices elates President Lungu

• Rise in Copper prices is a good indication for the Mining industry.
• Prices on the international market fell from $6, 165 per tonne to $4, 776, per metric tonne in January 2020.
• Stakeholders in the mining Sector must work with government as they are key drivers of the economy.

President Edgar Lungu says the continued rise in Copper prices on the international market is a good indication for the Mining industry and plays an important role in rebooting the economy.
Speaking during the official opening of the 2021 Zambia Mining Indaba, President Lungu noted that in January last year when the Covid-19 pandemic was on the rise, the price of copper on the international market fell from US$6, 165 per ton to 4, US$776 per metric ton.
The Head of State said it is however gratifying to note that the Copper price has steadily been rising as it stood at $8, 901 per metric ton as of April, 2021.
He urged stakeholders in the mining Sector to work with government as they are key drivers of the economy.
President Edgar Lungu was speaking in a key note speech read on his behalf by Vice President Inonge Wina.
And speaking at the same event, Minister of Mines and Minerals Development Richard Musukwa said government’s vision for the mining sector is to have a vibrant mining industry contributing to the achievement of vision 2030.
He noted that government is focusing on facilitating the establishment of new mining operations, increasing government’s stake in the ownership of some strategic mines and promoting value addition in order to diversify the economy among others.
“The Mining Sector has its own challenges, therefore I am happy that the 2021 Zambia Mining Indaba has brought Government, academicians, Mining Experts, Key Stakeholders and players together to discuss mining Taxation Matters and other issues concerning the generally wellbeing of the mining sector, ” Mr Musukwa said.
Meanwhile, Acting Minister of Finance Alexander Chiteme noted the important role the mining sector has been playing in fostering the country’s economic Development.
Mr Chiteme said in order to bring the economy on the recovery path and Mitigate the effects arising from the Coronavirus pandemic and other challenges affecting sectors like mining, Government embarked on a number of programmes among them is the economic recovery programme.
“The Economic Recovery Programme is anchored on five strategic areas, namely, restoring Macroeconomic stability, attaining Fiscal and Debt Sustainability, dismantling the back log of domestic arrears, restoring growth and Diversifying the economy and safe guarding social protection programmes, ” Mr Chiteme disclosed.
The 2021 Zambia Mining Indaba is being held under the theme: Building for the Future: Reflecting on Zambia’s Mining Taxation Policy towards Sustainable Investment in the Sector.

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