Increased Copper Production Leads to Kwacha Gains

The Advocates for National Development and Democracy claim that the revamping of the mining sector is beginning to impact the Zambian economy, citing the recent appreciation of the Kwacha against the US dollar.

Advocates for National Development Executive Director Samuel Banda says the appreciation of the local currency to about 26.7 Kwacha can be partly attributed to the increase in copper production. 

Mr Banda commended the steady progress in the mining sector, especially the recent developments at Konkola Copper Mines (KCM), and applauded Vedanta Resources’ commitment to settling KCM's legacy debt and outstanding payments to suppliers. 

Vedanta recently confirmed that it plans to raise capital as part of its strategy to gradually increase copper output to 300,000 metric tons per year over the next few years.

Banda added that these steps are crucial to restoring stability and investor confidence in Zambia, calling upon stakeholders in the mining industry, including contractors and suppliers, to maintain high standards of professionalism and diligence.

Governance Expert Wesley Miyanda also commended President Hichilema’s New Dawn Government efforts to ensure Zambians benefit from the mining sector, highlighting the benefits of tax holidays and programs to connect people to investors.