Dolika Banda Believes Mining Industry is a Factor in Zambia’s Development
ZCCM-Investment Holdings Plc

The mining sector will continue to be a factor in the development of Zambia. This is why Zambia’s mining investment house, ZCCM IH, has positioned itself strategically in the extract industry to make the most an evolving business environment that was fraught with COVID.

“There is a wave and rise in the price of commodities”, said Dolika Banda Board Chair of ZCCM IH during an interview with SABC at the Mining Indaba in Cape Town. “It is important this year that we take advantage of setting the foundations of how Africa benefits from the extractive industry”.

This year’s mining indaba has seen an upsurge in concern for ESG issues and how these relate to shareholder and stakeholder value.  “Also benefits for its own people in an inclusive manner that is sustainable over a long period Environmentally, Sustainable and from a Governance perspective as well.”

FIZ Partner at Mining Indaba 2022

 

The sector contributes a large part of the Zambia’s revenue despite desires of diversification.  “We must keep in mind that 90% of our revenue received by mining and quarrying comes from copper and cobalt mines. “We are still in a situation where agriculture is growing, tourism is growing but we have not fully diversified from mining”

With COVID causing economic and financial distress, Zambia experienced a decline in production in the mining sector. “In 2021, Zambia produced 800 thousand metric tons of copper. That was an increase of from around 733 (thousand) in 2019. Our export earnings in 2021 were about US$ 736m.”

However, the Board Chair is cautiously optimistic about the recent surge in commodity prices and the preparedness of the region to take advantage.  “However, when you look at the wave that is being ridden today, one has to ask oneself are we ready to ride this wave?”

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