ZCCM-Investment Holdings (ZCCM-IH) Board Chairperson, Phesto Musonda , has hailed the government for implementing bold interventions and re...
ZCCM-Investment Holdings (ZCCM-IH) Board Chairperson, Phesto Musonda, has hailed the government for implementing bold interventions and reforms that have revived Zambia’s mining sector from near collapse.
Mr. Musonda noted that prior to 2021, the sector was on the brink of collapse, with large operations such as Mopani, Konkola Copper Mines (KCM), Chambishi Metals, Lumwana, and Kansanshi facing possible shutdowns. He said government’s swift action in negotiating and restoring stability has since revitalised the sector.
“As you know, before 2021 the mining sector was in a bad state, with major mines almost exiting the circuit. When this government came in, it swung into action, negotiating to bring stability to the sector,” he said.
He added that the reforms have motivated companies like Kansanshi Mine to expand operations, including the development of a nickel mine, thereby boosting productivity.
Mr. Musonda also praised government for implementing energy reforms that have improved electricity supply and attracted more players to the sector.
“Without the fast-track reforms, Zambia would have been worse off in terms of energy sufficiency. Allowing independent power producers to invest and enabling the sector to import power has kept production running. Without such policies, the mining sector would have collapsed,” he said.
He highlighted that the country is now nearing one million metric tonnes of copper production—a milestone made possible through government’s progressive policies.
Meanwhile, Jiangxi Bureau of Geology General Manager, Sterlin Shi, welcomed President Hakainde Hichilema’s speech to Parliament, which emphasized scaling up copper production to three million metric tonnes per year by 2031.
Mr. Shi said the President’s address has encouraged Jiangxi Bureau of Geology to increase investment in mining exploration and mineral testing at its state-of-the-art Lusaka laboratory.
“The ambitious targets outlined by the President are proof of improved operations in the mining industry. Our mineral laboratory stands ready to contribute expertise and digital technology to support Zambia’s copper production goals,” he said.
President Hichilema, in his address to Parliament last Friday during the opening of the Fifth Session of the Thirteenth National Assembly, outlined key interventions across various sectors of the economy, with mining remaining a cornerstone of national growth.
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