- Write by:
-
Friday, July 5, 2019 - 12:51:52 PM
-
849 Visit
-
Print
Mining News Pro - Zambia is planning a law to compel mining companies to give local suppliers a fair share of procurement, its mines minister said on Thursday, in the latest sign of the government taking an interventionist approach in its mining sector.
According to Mining News Pro - Zambia is Africa’s second-largest copper producer, with copper mining accounting for around 70% of foreign currency earnings.
The government has been pushing mining firms to invest more locally and is currently locked in a court dispute with Vedanta over its Konkola Copper Mines business.
Other foreign miners operating in Zambia include Canada’s First Quantum Minerals, Barrick Gold Corp and Glencore.
Mines Minister Richard Musukwa said during a meeting with suppliers, labour unions and other officials on the proposed law that the mining sector imported goods and services worth over $4 billion annually but only 10 percent went to local suppliers.
“This is a mismatch and must not be entertained. Mining investors have been a darling of foreign contractors,” Musukwa said, without specifying how much the government wantedminers to procure locally.
Zambia’s comparative advantage is in mining, and the government needs to ensure that the mining industry drives growth in other sectors of the economy, Musukwa added.
Short Link:
https://www.miningnews.ir/En/News/393790
Canadian miner Barrick Gold Corp said on Tuesday its full-year preliminary production of gold fell from a year earlier, ...
Mining News Pro - The chief executive of Barrick Gold Corp on Thursday expressed desire to grow the company’s copper ...
Mining News Pro - Egyptian billionaire Naguib Sawiris, the northern African country’s second-wealthiest person, is said ...
Mining News Pro - For the big miners, nickel is supposed to be a bright spot — a crucial battery metal that will help ...
Mining News Pro - Glencore Plc reported a steep drop in first-half profit and slashed returns to its shareholders as ...
Mining News Pro - Barrick Gold Corp. won’t be pressured into making any major acquisitions even as its rivals pursue a ...
Mining News Pro - Barrick Gold Corp beat analysts’ expectations for second-quarter profit on Tuesday, as the Canadian ...
Mining News Pro - Some of the world’s biggest mining companies are working with South Africa’s government on a 27 ...
Mining News Pro - Zambia is close to resolving a dispute with Vedanta Resources over its Konkola Copper Mines, with a ...
No comments have been posted yet ...