Lusaka, Zambia — MININGREVIEW.COM — 15 October 2010 – The government of Zambia aims to double the contribution of the mining industry to the country’s gross domestic product by not later than 2015, by attracting greater foreign investment in the sector.
Revealing this in a statement here, President Rupiah Banda said the government aimed to have mining contribute 20% of GDP by 2015. That compared with an 11% current contribution from mining to GDP now, according to Ministry of Mines data.
Banda went on to say that he would ensure stability in the mining industry so that the country could continue attracting investment.
"The vision of my government is to have the mining industry contributing more than 20% to the Gross Domestic Product in the next five years,” he said. “My government will continue to provide a competitive tax regime that will not jeopardise Zambia’s attractiveness to investors.”
Banda was launching the start of development at a new copper mine jointly owned by Brazil’s Vale and African Rainbow Minerals of South Africa, expected to start production by 2012.
The new mine in Zambia’s mineral-rich Copperbelt represented an investment of US$380 million (R2.6 billion), and would produce 45,000tpa of copper when output starts, he said.
“The project is expected to create 1 500 jobs in the construction phase and 1 500 more when the mine is fully operational,” Banda added.