Mining sector should observe transparency, accountability, says ZCCM-IH

Fri, 19 May 2017 12:24:00 +0000

By ANDREW MUKOMA

 ZAMBIA Consolidated Copper Mines-Investments Holdings Plc (ZCCM-IH) has appealed for accountability and transparency in the mining sector to maintain a conducive investment environment.

ZCCM-IH chief executive officer Dr Pius Kasolo said that since the privatization of the mines in the late 1990s, there has been growing mistrust between the key stakeholders in the mining industry, government, investors and the community with regard to the management of the mineral wealth.

Dr Kasolo also called for the promotion of local content in the mining sector as Zambia was is spending about $ 2.8 billion on importing materials for the mining industry.

In his presentation during the 2017 Ease of Doing Business Initiative (EDBI) Conference in Livingston on Wednesday, the ZCCM-IH chief executive officer said that mining experts have stated that as of 2014, mining production and exports were similar to the levels that were obtaining in the golden era of mining tax-revenue collection in the first decade after independence (1964-1973).

“During this period, mining total tax revenue accounted for about 25-30 percent of the gross domestic product (GDP) on average per year, compared to below 10 percent of the GDP during recent years of post-privatisation in 2000,” he said.