Zambia’s new mining technique that may see it safe a minimal 30% stake for the federal government in future crucial minerals initiatives is not going to have an effect on present mining operations or exploration actions, in keeping with senior authorities official Jito Kayumba. Kayumba, an advisor to President Hakainde Hichilema, clarified that the coverage applies solely to over 40 permits reserved for the federal government. Consequently, present mining license holders, together with firms like First Quantum Minerals, are exempt from restructuring necessities. This initiative aligns with Zambia’s formidable plan to quadruple copper manufacturing by the following decade – a plan that may require substantial funding to develop new initiatives. To safe the required funds, the federal government will switch the reserved permits to a state agency, which can then negotiate agreements with buyers to show these early-stage initiatives into working mines.
SOURCE: BLOOMBERG