TAKE ADVANTAGE OF FAVOURABLE COPPER PRICES – HAABAZOKA
By MUKOSELA KASALWE
COPPER mining companies should take advantage of the favourable prices at the London Metal Exchange and increase production which in turn will stabilise the Kwacha, says Economics Association of Zambia (EAZ) president Lubinda Haabazoka.
Dr. Haabazoka said copper was Zambia’s major foreign exchange earner and prodded mining firms to increase production following favourable prices at the London Metal Exchange (LME).
He however, said it was worrying that Mopani Copper Mine wanted to put the North and Central shafts under care and maintenance.
In an interview yesterday, the EAZ president said as a short term measure, Government should reintroduce Statutory Instrument No. 55 of 2013 to help with the monitoring of reserves.
“We urge copper mining firms to take advantage of the favourable copper prices and increase production,” he said.
Dr Haabazoka has prodded Government to formalise gold mining activities particularly in Eastern Province.
He said revenue raised from gold mining activities would significantly contribute to the treasury.
Dr Haabazoka said Zambia should increase its agricultural products export to neighbouring countries such as the Democratic Republic of Congo (DRC) which was currently importing beef from Brazil.
President Edgar Lungu has said Government was doing everything possible to stabilise the Kwacha.
Mr Lungu said the Kwacha was, however, not the only currency that had been affected but even other convertible currencies.
He said the depreciation of the Kwacha and other currencies in the region could be attributed to various factors.
President Lungu however assured the nation that the Kwacha was going to stabilise after various measures were effected and that economy would improve.
President Lungu was speaking to journalists shortly after his routine morning ran at State Lodge in Lusaka on Saturday.
CAPTION: Dr Lubinda Haabazoka. Picture Courtesy of the EAZ Media Team