Zambia refuses to take sides in minerals race

ZAMBIA will not align politically with any global power in exchange for investment in its critical minerals, President Hakainde Hichilema told the Financial Times, insisting the country intends to do business with Washington, Beijing and Brussels alike.“When I’m in Beijing, I’m not against Washington. When I’m in Washington, we’re not against Beijing,” Hichilema said in an interview with the newspaper. “We want to make sure that we do business with anyone in a manner that will deliver mutual benefits.”The president said African nations rich in natural resources were now in far stronger positions to negotiate with investors than previously, as global demand for minerals essential to the energy transition, defence and grid infrastructure had fundamentally altered the dynamic.Hichilema said policy reforms and fiscal stability introduced since he took office in 2021 had revived what he described as a “comatose” mining sector, attracting more than $12bn in investment. Zambia is on track to produce one million tons of copper this year, rising to three million tons annually by 2031 — a target that would overtake the Democratic Republic of Congo as Africa’s leading copper producer.Key investments include a $1.1bn commitment from the UAE’s International Resources to the Mopani Copper Mines, and a $2bn expansion of the Lumwana mine by Barrick Mining.Hichilema defended cuts to mining taxes and royalties, arguing that excessive taxation would destroy the businesses needed to generate revenue and employment in a country where more than half the population lives in extreme poverty.The post Zambia refuses to take sides in minerals race appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com