What's Happening?
First Quantum Minerals, a major copper, nickel, and gold producer, has endorsed new regulations in Zambia aimed at increasing local participation in the mining sector. The regulations, introduced by the Ministry
of Mines and Minerals Development, promote the use of Zambian goods and services. First Quantum, which operates the Kansanshi copper gold mine, has been investing in Zambia for nearly 30 years and supports initiatives to expand opportunities for local businesses. The company emphasizes its commitment to developing regional supply chains and highlights that a significant portion of its spending is with nationally registered suppliers. In 2024, First Quantum spent over $1.7 billion with Zambian businesses, representing a substantial contribution to the country's GDP.
Why It's Important?
The new regulations and First Quantum's support for local participation are significant for Zambia's economic development. By fostering local supply chains and increasing the use of Zambian goods and services, the mining sector can contribute more effectively to the national economy. This approach not only supports local businesses but also helps build a skilled workforce capable of sustaining the mining industry's growth. The increased local participation can lead to job creation, skill development, and economic empowerment, aligning with Zambia's goals of achieving higher copper production and economic diversification.
