Melo News | Wednesday, April 3, 2024 | Lusaka
The government has revealed its plans to enhance the mining sector, with the main goal being to boost production levels and increase tax collection to further strengthen the economy and create more job opportunities.
Finance Minister Situmbeko Musokotwane highlighted the importance of addressing tax evasion, especially by private mining companies, during an interview on Prime TV.
Dr. Musokotwane emphasized the government’s commitment to creating a more conducive environment for mining activities to increase output and generate more employment opportunities.
Zambia successfully restructured its debt with Eurobond holders, freeing up resources that can now be directed towards investments in the mining sector to achieve the desired objectives.
The ultimate aim is to raise copper production to 3 million tonnes, taking inspiration from the success story of Congo’s mining industry growth through strategic investments.
Dr. Musokotwane stressed the importance of continuous production in mines to ensure a steady flow of tax revenue, which is crucial for the country’s economic development.
By utilizing resources freed up from debt restructuring, Zambia can inject more funds into the mining sector to scale up production levels and achieve the set targets.
The Finance Minister pointed out that with increased investments in the mining sector, Zambia has the potential to reach the production levels of 3 million tonnes, similar to the success story of Congo’s copper industry growth.
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