Lusaka, Zambia — 17 September 2013 – The government of Zambia is set to improve the regulation and monitoring of the country’s mining sector in order to increase its contribution to the Zambian Gross Domestic Product (GDP).
Revealing this here, mines, energy and water development deputy minister Richard Musukwa said the strategic focus of government on mining during the 2014 to 2016 period would be on improving regulation and monitoring of the mining sector to enable it increase its contribution to GDP, reports allAfrica.com.
To achieve this, he explained that the government would concentrate on key issues such as mine technical audits, monitoring of the gemstone sector, geological and structural mapping, mineral exploration and resources survey, increasing mines safety department capacity and promotion of value addition in the mining sector.
Musukwa said that currently government had insufficient capacity for monitoring the mining industry in the country, and as a result it had no reliable production statistics database. This made it difficult to verify production costs and sales data declared by the mines as a basis for royalty and tax computations.
Hence, government would begin conducting mine technical audits to ensure current taxes and mineral royalties were in order.
Musukwa reiterated that government would continue to attract foreign direct investment (FDI) in the mining sector, but not at the expense of exploiting Zambians. He said government recognised the importance of private investment in the development of the mining industry and would, therefore, endeavour to work closely with the industry in implementing the process.
Source: allAfrica.com. For more information, click here.