Zambia’s proposed minerals regulation law could deter investment and deliver a “fatal blow” to its goal of raising annual copper output to 3 million metric tons, two mining bodies said on Wednesday.
The proposed law, seen by Reuters on Wednesday, seeks to give the nation’s minister of finance the right to maintain a shareholding in a mining license on behalf of the government if minerals are discovered. “ the prospect of forced ‘free carry’ acquisitions by the state of stakes in new ventures, this Bill will seriously undermine property rights,” the mining industry bodies said.President Hakainde Hichilema’s government is seeking to attract more investors to boost copper output to about 3 million tons over the decade.
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