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(DAILY MAIL) Zambia to produce 1m tonnes of copper

Zambia to produce 1m tonnes of copper

MINISTER of Finance and National Planning, Ng’andu Magande, has predicated an increase in the production of copper in the country with tonnes hitting a million by 2010. Mr Magande said the discoveries of new copper deposits, especially in the North-Western Province, would have an upward effect on the output of copper in the next two years. He was addressing Zambians based in Washington DC at a reception hosted by the Zambian Ambassador to the United States of America, Dr Inonge Mbikusita-Lewanika.

Mr Magande also said other rich minerals like nickel and uranium had been discovered and hoped that more jobs would be created at the mines in the country. “The search for uranium in Zambia is part of an exploration that is raising new hope for jobs and tax revenue,” he said. Mr Magande said the Munali Nickel Project in Mazabuka was expected to produce over 900,000 tonnes of nickel in the next 10 years.

He also said he was happy with the 2008 World Bank/International Monetary Fund (IMF) spring meetings, which he attended in Washingston and described them as positive. “We have had very good discussions with the IMF and World Bank. I was proud to meet with members of the two institutions because of the good fiscal policy Zambia has pursued,” Mr Magande said.

He said Zambia was now looked upon as a good partner in development unlike five years ago when Government found it difficult to negotiate with the two institutions.

Mr Magande said Zambia’s reserves were currently over US$1 billion, which was the highest figure the country has ever recorded.

He said the side spring meetings mainly centred on sectors such as energy and water, transport, agriculture, education, health and regional infrastructure.

Mr Magande assured that Zambia’s economy was on track and that the country had registered positive economic growth over the last few years.

He said Zambia was no longer a highly indebted nation as the country had managed to reduce debt from US$7.2 billion to US$500,000.

“Zambia is now in a position to make its own decisions on how to develop because the donors can no longer instruct the government on what to do,” Mr Magande said.

He urged Zambians living abroad to invest at home because of the good business opportunities put in place.

Mr Magande said Zambia had changed for the better and that her citizens were now able to invest in various sectors of the economy.

And Bank of Zambia Deputy Governor for Operations, Denny Kalyalya, said the Zambian economy had performed well in the recent past.

Dr Kalyalya said Zambia had recorded positive real Gross Domestic Product (GDP) growth and that inflation and interest rates had gone down.

He said the unprecedented developments in inflation in the country had been due to continued implementation of prudent monetary and fiscal policies, coupled with increased food supply.

He said Zambia had become an attractive country for foreign investors because of her sound economic performance.

Those who attended the reception included International Monetary Fund (IMF) senior advisor to the executive director for Africa, Inyambo Mwanawina, special assistant to the vice president at the International Finance Corporation (IFC), Dolika Banda, senior lawyer in the legal department of World Bank vice president, Kenneth Mwenda and executive members of the society of Zambians in the United States of America (SOZUSA). – ZANIS.

Labels: INONGE MBIKUSITA-LEWANIKA, MAGANDE, MINING

posted by MrK @ 6:49 AM