Mining industry players are divided in opinion on the sector’s growth prospects as highlighted in the 2024-25 national budget.
Finance Minister Simplex Chithyola Banda projected that the sector would swell by 5.8 percent in 2024, up from 3.5 percent last year.
To attain the mark, the government is facilitating negotiations of mining development agreements.
The government also intends to invest in some of the mining activities through its Mining Company.
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But in an interview, mining expert Grain Malunga was pessimistic of significant inroads to be made in the year through the budget.
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“I am yet to see the capital source of these companies. Mining is capital intensive; there is a serious need for capital location of over £100 million (about K214 billion) for each company,” Malunga said.
In a separate interview, Chairperson for the Natural Resources Justice Network Bowman Mulagha said the direction is positive as it illuminates efforts to create jobs.
“Once we add value to our minerals, it will not only help to double employment among youths but also in other sectors that are linked to the mining sector.
“Again, it will boost the manufacturing sector, which can positively impact our foreign reserves.
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He, however, said there is a need for sanity in the sector to enhance output.
