By NATION REPORTER
THE Kingdom of Saudi Arabia has applauded the Zambian government for its reforms in the mining sector, triggering a surge of interest from both local and global investors.
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Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, also commended Zambia for its innovative approach in leveraging networking platforms for mining investors, policymakers, and industry stakeholders.
This came to light when Paul Kabuswe, Minister of Mines and Minerals Development held a bilateral meeting with Mr Alkhorayef on the eve of the 3rd Future Minerals Forum, which was held in Riyadh, Saudi Arabia, from January 9 to 11, 2024.
Meanwhile, Mr Kabuswe informed his counterpart that the Zambian government had restored stability and predictability in mining policies and taxes leading to a notable surge in confidence and heightened interest from prospective investors in the mining sector.
He emphasised that as the nation aimed to reach the ambitious target of three million metric tons of copper by 2031, attention would be given to ensuring that all memoranda of understanding (MoUs) and agreements within the mining industry were structured to benefit the people of Zambia and effectively safeguard the country’s interests.
He added that to address challenges of underreporting and illegal mining, the government was in the process of establishing a Mineral Regulation Commission to provide oversight in the mining sector.
Mr Kabuswe also informed his counterpart that Zambia sought increased investment in mining exploration to establish new mines, generating employment opportunities and contributing to foreign exchange earnings for the country.
He called for enhanced collaboration and partnership with investors from the kingdom.
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