Limited Financial Capacity Reason For High Dependency On Copper- PS Chanda

Limited Financial Capacity Reason For High Dependency On Copper- PS Chanda

Government says its limited financial capacity to support the small scale mining subsector remains one of the reasons Zambia’s economy is still highly dependent on copper.

Mines Permanent Secretary, Paul Chanda has also cited weak production linkages between the mining sector and other sectors as the other reason for this high dependence.

Mr. Chanda says government is however, focusing on generating geological information that can be easily accessed by both artisanal and small scale miners in the Country.

He says with the strengthened institutional framework, provision of technical extension services will also be enhanced to ensure safe and efficient mining by artisanal and small scale miners.

Mr. Chanda said this when he opened the African, Caribbean, and Pacific Group of States-European Union (ACP-EU) supported workshop on Inclusive Finance for Development Minerals held in Lusaka.

Speaking at the same event, United Nations Development Programme (UNDP) Country Director, Mandisa Mashologu urged heads of financial institutions present at the workshop to come up with a mechanism for supporting the growth of artisanal and small scale miners.

Ms. Mashologu says the potential of these Small and Medium Enterprise (SMEs) is immerse.

And Bank of Zambia (BoZ) Assistant Director Balance of Payments and Debt Division, Ivan Zyuulu says the Central Bank hopes the workshop and further follow up sensitization will help reduce the financial gap in Zambia.