African nations have been urged by mines minister PAUL KABUSWE to start mining instead of wasting time in negotiations.
According to Mr. KABUSWE, there are several minerals in Africa’s subsurface that should still be exploited for the good of the populace.
Speaking on a panel at the 2023 Mining Indaba in Cape Town, South Africa, Mr. KABUSWE stressed the necessity for Africa to promptly and creatively begin exploring its mineral resources.
According to the minister, Africa will suffer more from inaction than the developed West.
He claimed that with the recent signing of collaboration agreements with the neighboring Democratic Republic of the Congo to begin the production of Electric Car Batteries, Zambia has already put itself on the path of maximizing the use of its mineral endowment.
According to Mr. KABUSWE, the decision has caused several investors to hurry to collaborate with Zambia and the DRC.
In addition, he emphasized that as the guardians of resources, Africa should begin to negotiate mining investments from a position of power.
However, the mines minister clarified that this simply means that all parties must show respect for one another.
In addition, South African Reserve Bank Governor LESETJA KGANYAGO claimed that load shedding has increased the cost of living and business operations in his nation in a presentation titled “Diversifying Big Feeder of GDP.”
Mr. KGANYAGO said that a number of international issues have an impact on domestic circumstances, such as inflation.
The mining industry, he continued, has also had an impact on the causes of inflation.
Mr. KGANYAGO further emphasized the need for the Central Bank to take action and deal with the issue.
The Mining Indaba has drawn more than 7,000 delegates, over 500 investors, more than 530 mining businesses, and 48 Ministers. South African President CYRIL RAMAPOSA is due to formally launch the event tomorrow.
Representatives from the Ministries of Mines and Commerce as well as State House make up the Zambian delegation.
SITUMBEKO MUSOKOTWANE, the minister of finance and national planning, is anticipated to travel with the group on Monday and will participate in a number of side meetings with important stakeholders.
