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GOLD RESERVES TO GROW ECONOMY – LUNGU

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  • “Owning a stake in some strategic mines will give Government the leverage required to utilize the defined mineral resources to benefit the nation beyond taxes,” he said.

By OLIVER SAMBOKO

PRESIDENT Edgar Lungu says Government will systematically build on the country’s potential Gold reserves to grow the Economy. 

He said the Economic Recovery Programme (ERP) was going to provide a way to capitalize on the high mineral commodity prices to harness that potential for the benefit of the country.

  Government, he said, must assume a significant stake in some selected mine assets so that the country can create sufficient value for the nation and also a means of comparing such mines with private sector owned mines.

“Owning a stake in some strategic mines will give Government the leverage required to utilize the defined mineral resources to benefit the nation beyond taxes,” he said.

President Lungu said Government decision to assume stake in some selected mines was not meant to nationalize mines in the country.

The head of state also observed that while the current Mines have supported generation of large-scale mining activities, there is need for investment in more exploration to further guarantee success in the extractive industry.

“Exploration will not only be for minerals but also for oil and gas. My government through this economic recovery plan will also provide a stable fiscal regime for the extractive sector that can promote more investment in exploration,” he said.

He said the country has already started seeing the potential of Gold with the advent of Zambia Gold Limited and emphasized the need to harness the Gold by encouraging more investment in the subsector.

 President Lungu said the formalization of the small scale and artisanal sector has not only allowed accountability in the Gold Mining subsector but also enabled Government to use the natural resources to spur economic development in the country.

He also said while Zambia has depended on copper for many years, his desire is to see the country adding value to the resources by producing a range of products from the minerals in order to gain foreign exchange and create employment for the youths.

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