Mines and Mineral Development Minister Richard Musukwa says Zambia has started investing in cobalt exploration because the country hosts huge resources of cobalt in the Southern African region.
Speaking during a presentation at the ongoing mining indaba in Cape town, South Africa, the Mines Minister said that the Country has started investing in the exploration of cobalt because of the growing trend of the battery industry which is being exploited from the Cobalt and ensuring that a wholly cobalt plant is developed.
He adds that Cobalt is always exported side by side with Copper and that it is a by-product of copper as a result government would get generic advantage of the copper product by establishing a fully-grown cobalt plant that would support the battery industry.
Meanwhile the minister has assured investors of stability in the mining fiscal regime in the country adding the measures put in place are for the good of the industry,
He says the 5% on concentrates is meant to discourage the mining firms from importing raw materials from other jurisdictions adding that the Fiscal regime is meant to be simple predictable, stable and secure to guarantee investment.
The Zambian Delegation at the African Mining Indaba includes Minister of Finance Margaret Mwanakatwe , Minister of Mines, Richard Musukwa, northwestern province minister Nathaniel Mubukwanu, copperbelt minister Japhen Mwakalombe, Deputy Secretary to Cabinet, Christopher Mvunga and Zambia’s High Commissioner to South Africa, Emmanuel Mwamba.