A Mining Expert Edward Simukonda has urged the Ministry Of Mines And Minerals Development to formulate additional policies in the mining sector with a view to enable Zambia benefit from its national resources.
Speaking an interview with Money FM, Mr. Simukonda has also encouraged the government to make sure that Technocrats attached to the mining sector constantly monitor operations of all mining companies as a way of curbing under-declaration of in the mining sector.
He has observed that in the past, Technocrats have not paid attention to production in the sector thereby aiding foreign mine owners to get away with the country’s minerals as the Zambia Revenue authority would collect less revenue from the sector.
Zambia has a long history of mining and a large known resource base of copper, emeralds, and other deposits. It also has very good potential for further discoveries. Mining accounts for 12% of Zambia´s GDP and 70% of total export value.
The sector is also a significant source of government revenue and formal employment, both directly and indirectly. Continuing to attract investment in the sector is crucial to the country’s growth since it constitutes 62% of foreign direct investment.
Given this rich endowment of natural resources, an array of stakeholders in Zambia, including investors, government agencies, and civil society organizations, have long questioned why minerals are not bringing as much benefit as they should.