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DeputyMinister of Mines, Energy and Water Development, Richard Musukwa, says Zambia’s mining regulatory regime is one of the most attractive in Africa because it is stable and predictable.
Mr Musukwa said the predictable, stable regulatory and fiscal regime is important to the country because mining is a long-term venture.
“It is important that governments provide predictable policies that govern and regulate the mining industry,” Mr Musukwa said.
The Deputy Minister was speaking in London when he addressed investors attending a two-day conference on mining being held under the theme “Sharing the Profits of the Commodity Boom”.
Lord Jonathan Marland, the British Prime Minister’s Trade Envoy, also delivered a keynote address at the conference which is being attended by ministers responsible for mines and minerals from Ghana, Rwanda, South Sudan and Kenya.
And Mr Musukwa has charged that government’s decision to pass the new statutory instrument on improved disclosure of in and outflows of foreign capital is aimed at empowering the Central Bank to monitor the value of investments and profits or losses for purposes of fair taxation and economic planning.
He, however, dismissed assertions that the instrument is akin to exchange controls, adding that Zambia had a negative experience with exchange controls and would not want to revert to such a regime.
Mr Musukwa stressed that the measures provided in the instrument are based on the lessons the government continues to learn as it seeks more equitable resource distribution among its people.
He said Africa’s abundant endowment of natural resources, such as minerals, oil, gas water, and land must show corresponding contribution to economic development.
Mr Musukwa further said the Zambian government has increased transparency in the regulation, operations, reporting and taxation of resource-based companies to provide communities with better information.
Meanwhile, Mr Musukwa said the environmental impacts of mining are now receiving much greater scrutiny from both public and environmental groups as well as investors.
Mr. Musukwa has since called for the development of a framework that adequately incorporates environmental issues into evaluation of costs and benefits of a mining project.
Mr Musukwa is accompanied to the conference by Zambia Development Agency (ZDD) Director-General, Andrew Chipwende, High Commissioner to the United Kingdom, Paul Lumbi, Economic Counsellor, Ikayi Mushinge and First Secretary for Press, Amos Chanda.
This is contained in statement issue to the Zambia News and Information Services (ZANIS) by First Secretary for Press at the Zambian Mission in the United Kingdom Amos Chanda.
