Hichilema urges regional co-operation at Investing in African Mining Indaba 2022

Zambian President Hakainde Hichilema.
Zambian President Hakainde Hichilema.
Tebogo Letsie/City Press
  • Zambian President Hakainde Hichilema met his counterparts, Cyril Ramaphosa and Mokgweetsi Masisi, to talk about investment ties.
  • He announced Canada's First Quantum seeks to invest about R21.6 billion in copper and gold mining.
  • Hichilema has moved away from predecessor Edgar Lungu's policy of resource nationalism. 

Zambian President Hakainde Hichilema met his counterparts from South Africa and Botswana, Cyril Ramaphosa and Mokgweetsi Masisi, respectively, on the sidelines of the Investing in African Mining Indaba 2022 to discuss trade and investments.

He told regional leaders they would do better to co-operate than to work in isolation.

In a communique, Hichilema's office said "the engagements were an opportunity to discuss various matters, including the strengthening of trade and investment ties for the benefit of the entire region".

In 2020, South Africa exported goods worth R 28 billion to Zambia. The main products were nitrogenous fertilizers, refined petroleum and delivery trucks, while Zambia exported minerals - mainly gold, copper, and cobalt - to South Africa.

During the same period, Zambia exported maize, copper, and electricity to Botswana while importing mainly salt.

Hichilema also held meetings with various potential investors because "this kind of collaboration and idea can only benefit Zambia's economic development".

Hichilema came into power just under a year ago and has bagged two deals he said were the biggest foreign direct investment Zambia had seen in a decade.

ALSO READ | Chinese investors must respect African laws, says US Under Secretary

On Monday, he gave a keynote address, dubbed "a New Dawn for Zambia's mining sector", where he revealed Canada's First Quantum Minerals had committed to spend about R21.6 billion to increase production and expand the Kansanshi Mine by 20 years and also R1.6 billion to boost the new Enterprise Nickel Mine.

In a statement, the presidency said the two deals would "help create and safeguard thousands of jobs, generate additional revenues and stimulate wider economic activity".

Hichilema's approach to the mining sector is different from predecessor Edgar Lungu's. 

Lungu was for resource nationalism a policy that meant the government asserted control over mineral resources.

Instead, Hichilema is seeking a "win-win" relationship with multinational corporations.

"The president made it clear his commitment to delivering on domestic economic empowerment and job creation without resource nationalism, noting that mining has the potential to make a much bigger contribution to the country's economy," his office said. 

Last month, Zambia and the DRC signed a memorandum of understanding that both countries would create a joint value chain for lithium batteries.

The News24 Africa Desk is supported by the Hanns Seidel Foundation. The stories produced through the Africa Desk and the opinions and statements that may be contained herein do not reflect those of the Hanns Seidel Foundation.
We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
Rand - Pound
Rand - Euro
Rand - Aus dollar
Rand - Yen
Brent Crude
Top 40
All Share
Resource 10
Industrial 25
Financial 15
All JSE data delayed by at least 15 minutes Iress logo
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.