Zambia 2016 Copper Production Could Reach 1.6 Million Tonnes
The continuing global interest in Zambia's natural resources, particularly copper, which have led to increased investments in its mining sector, have prompted the Chamber of Mines of Zambia (CMZ) to forecast copper production capacity to hit 1.6 million tonnes per annum by 2016.
"Zambia is on track to attain the 1.6 million tonnes of copper production per annum by 2016, this is due to increased investment in the mining sector," Fred Bantubonse, CMZ general manager, was quoted as saying in www.allafrica.com.
Mr Bantubonse, however, pointed out the country should maintain the current conducive investment climate in the mining sector to attract more investors.
Zambia's economy has experienced strong growth in recent years, with real GDP growth registered at about 6 per cent per annum from 2005 to 2010, according to the U.S. Central Intelligence Agency. The privatisation of government-owned copper mines in the 1990s greatly increased copper mining output and profitability to spur the nation's economic growth.
Copper output has increased steadily since 2004, due to higher copper prices and foreign investment. The Chinese is one of Zambia's major investors. In November, state-run China Nonferrous Metal Mining (Group) Co Ltd (CNMC) announced it planned a $2-billion investment in Zambia from 2011 to 2015. The figure, according to Chinese daily reports, is equivalent to what CNMC has spent over the past 12 years in the African country.
Mr Bantubonse said that the government would need to place laws and policies to ensure the growth currently experienced by Zambia's mining sector is not a one-shot deal.
The Zambia federal government earlier announced it will soon approve guidelines meant to govern the export of its minerals, in a bid to enhance transparency in the mining sector.
Mr Bantubonse declined to comment on the plan, saying CMZ has yet to see the export guidelines.
"We do not know yet what impact this will create on the mines," he said.