Zambian President Edgar Lungu said on Thursday that there was a deliberate strategy to acquire additional stakes in some selected mines in the country.
The Zambian leader, who was quick to state that this was not a nationalization of the mines, said the move was meant to support the economic growth trajectory.
“We must assume a significant stake in some selected mine assets so that we create sufficient value for the nation and also a means of comparing such mines with private-sector owned mines,” he said during the launch of the 2020 economic recovery program.
According to him, owning a stake in some mines will give the government the leverage required to utilize the defined mineral resources to benefit the nation beyond taxes.
“I must mention here that this is not nationalization of mines, on the contrary, it’s the state acquiring majority stake in selected mines while allowing private sector investors to also participate in the sector,” he added. Enditem
