GOVERNMENT PLANS TO INCREASE COPPER PRODUCTION TO STABILIZE FOREIGN EXCHANGE
GOVERNMENT PLANS TO INCREASE COPPER PRODUCTION TO STABILIZE FOREIGN EXCHANGE
MINISTER of Finance and National Planning Situmbeko Musokotwane says Government is ready to face the challenge of stabilizing the foreign exchange rate through various investments such as increasing copper production in the mining sector.
Speaking at the launch of the new Indo Zambia Bank, Longacres branch in Lusaka today, Dr. Musokotwane said investments in the mining sector will boost the economy and stabilise the foreign exchange rate.
He charged that the Kwacha is about to make a counter attack because tangible money is going to come into the economy to raise copper production.
Mr Musokotwane noted that copper production is a key drive in stabilizing foreign exchange but that the exchange rate suffered a setback owing to the low production of copper recorded in 2023.
He explained that once mining investments start to tick, the foreign exchange rate challenges will be resolved.
He reaffirmed governments aggressive stance to stabilise the foreign exchange rate by improving Investment in the mining sector citing First Quantum Minerals (FQM) and Lumwana mine as some of the mines that are ripping new grounds in mining.
“First Quantum Minerals (FQM) and Lumwana mine are ripping new grounds for mining. Luanshya shaft 28 will reopen with an investment of over US $1 billion. About a cumulative total of US 600 million is to be invested in Mopani. Once these investments tick in, we are going to resolve this,” he explained.