Loading ...Zambian state needs bigger role in mines to help the economy, president says
Zambia must build majority stakes in selected mines to benefit from its mineral wealth beyond taxes, President Edgar Lungu said on Thursday, as he set out an economic recovery plan after the country defaulted on a debt payment last month.
Africa’s second-biggest copper producer, Zambia is seeking to increase its control over the mining sector – the country’s main generator of hard currency – as it navigates a debt crisis.
“Owning a stake in some strategic mines gives the state the leverage required to utilise the defined mineral resources to benefit the nation,” Lungu said.
“I must mention that this is not nationalisation of the mines, on the contrary, it is the state acquiring majority stakes in selected mines while allowing private investors to also participate in the sector,” he added.
Lungu did not identify which mines the state would target for majority ownership.
Zambian state needs bigger role in mines to help the economy, president says