According to a report by Mining.com, citing Reuters, Zambian Minister of Mines Paul Kabuswe stated that the government will explore increasing its equity stakes in new mining projects in order to boost national revenues and expand investors' spending on social projects.
　　Kabuswe told Reuters that the policy, implemented by the Zambian government through the Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH), will apply to future agreements but will not affect existing mines and will not undermine investor confidence.
　　Zambia is the second-largest copper producer in Africa, after its neighbor, the Democratic Republic of the Congo. ZCCM holds stakes ranging from 10% to 20% in mines operated by Barrick Gold, Vedanta Resources, and First Quantum Minerals.
　　ZCCM sold a 51% stake in Mopani Copper Mines to the United Arab Emirates International Holding Company, retaining the remaining shares, which previously belonged to Glencore.
　　Speaking in an interview on Tuesday on the sidelines of the Africa Mining Indaba, Qabuswe said, “The equity in the new project will actually be structured around this partnership.”
　　“We hope to ensure a win-win situation rather than a master-servant relationship, and we’re eager to bring about social benefits,” he added.
　　Although the Zambian government has set a target of reaching an annual production level of 3 million tons within 10 years, the country’s copper output has been declining due to challenges faced by mines such as Mopani and Konkola Copper Mines.
　　He said the Zambian government also plans to purchase copper from projects in which it holds shares and establish a domestic exchange.
　　Kabuswe said that although the plan to establish an exchange has not yet been finalized, Zambia’s cabinet has already approved a special-purpose vehicle.
　　The Zambian government is also closely monitoring First Quantum Minerals’ progress at the Panamanian copper mine and hopes that the challenges facing this Canadian company can be resolved.
　　He added that the First Quantitative Company had not informed the government of any plans to sell off or bring in a strategic investor.
　　“We’re keeping a close watch,” Kasbwé said. “Close monitoring isn’t about passively waiting—it’s about hoping that the issue can be resolved properly, so that we ourselves won’t be affected.”