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.
It also commended government for its innovative approach in leveraging networking platforms for mining investors, policymakers and industry stakeholders.
The development came during a bilateral meeting held between Paul Kabuswe, Minister of Mines and Minerals Development, Bandar Alkhorayef, and Minister of Industry and Mineral Resources of the Kingdom of Saudi Arabia.
The meeting cames on the eve of the 3rd Future Minerals Forum, being held in Riyadh, Saudi Arabia, from January, 9, to January 11, 2024.
Meanwhile, Kabuswe informed his counterpart that the government had restored stability and predictability in mining policies and taxes.
“This has lead to a notable surge in confidence and heightened interest from prospective investors in the mining sector,” he said.
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).
Kabuswe stated that this would include agreements within the mining industry which were structured to benefit the people of Zambia and effectively safeguard the country’s interests.
“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,” he said
The Minister further 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, therefore, advocated enhanced collaboration and partnership with investors from the Kingdom.
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