Zambia’s new mining strategy, which mandates a minimum 30% government stake in future critical minerals projects, will not impact existing mining operations or exploration activities, according to senior government official Jito Kayumba. Kayumba, an advisor to President Hakainde Hichilema, explained that the policy only applies to over 40 government-reserved permits, meaning companies like First Quantum Minerals are not affected by the new requirements.
This initiative is part of Zambia’s broader goal to quadruple copper production over the next decade, which will require significant investment in new mining projects. To secure the necessary capital, the government plans to transfer these reserved permits to a state-owned company, which will then negotiate with investors to develop them into operating mines.
