Zambia pursues deals with investors to develop mining permits
Zambia plans to develop dozens of mining licenses together with investors to boost copper output in Africa’s second-biggest producer.
The nation has an ambitious plan to more than quadruple production by early next decade. The increase would require companies to spend billions of dollars to transform early stage projects into operating mines.
More than 40 permits reserved by the nation’s Mines Ministry will be transferred to a state company, which will then negotiate agreements with partners, Jito Kayumba, President Hakainde Hichilema’s special assistant for finance and investment, said in an interview. The government firm will hold significant minority but non-operational stakes in the ventures, he said.
“The appetite is illustrated in the numerous unsolicited offers we receive,” Kayumba said by phone.
Subsidiaries of miners First Quantum Minerals and Barrick Gold Corp accounted for about two-thirds of output last year. Those firms are already working on increasing production in the years ahead. Units of Abu Dhabi’s International Resources Holding, Vedanta Resources and China Nonferrous Mining Corp also operate mines in the country.
The state company, which will be owned by Zambia’s Industrial Development Corp., will contribute with the licenses and the results of a government-funded aerial geophysical survey, according to Kayumba.
The nation is also urging investors seeking minority interests in mining assets – such as Saudi Arabia’s Manara Minerals Investment Co – to team up with an operating partner and the state to develop the available greenfield projects, Kayumba said.
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