Chamber of Mines shares roadmap to generating $2 million annually in exploration capital

Key factors needed to support the mining industry and enable it to pull in more than US$200 million a year in exploration capital have been highlighted by the Zambia Chamber of Mines (ZCM).

Among the key factors highlighted by the ZCM Chief Executive Officer, Sokwani Chilembo, was increased local participation in mining exploration and improved regulation in the sector.

Chilembo said this during the Pricewaterhousecoopers (PWC) Zambia launch of the second edition of the Zambia Mining Sector Review Report in Lusaka on Monday.

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He stated that these were cardinal for Zambia to attract the necessary exploration capital that would pave the way to achieving the three million tonnes of copper by 2030.

Chilembo also stressed that improved regulation in the sector would reign in on the deterioration of security around the mining assets as well as the proliferation of illegal miners.

“The established pathways for local participation in mining exploration will allow for mobilisation of exploration capital from local players thus supplementing the capital pulled from the foreign investors.

“These are the key factors that we require and if they could be balanced appropriately there is a great chance that Zambia would be able to pull in more than US$200 million a year in exploration capital and make significant advances towards the three million tons of copper production,” he said.

Chilembo emphasised that increased exploration was important in improving copper output in Zambia.

At the same event, PWC Zambia Country Senior Partner, Andrew Chibuye, observed the need for policy stability and implementation of new technologies including artificial intelligence in exploration endeavours.

Chibuye is optimistic that this would assist in increasing mineral output in Zambia.

“Such strides would upscale exploration which will lead to new discoveries and the setting up of new projects that will ramp-up mining activities and in turn improve the volumes of copper being produced,” he said.

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