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Zambia seeks greater stake in new mining projects

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Africa 07 Feb 2024 11:21 AM IST Reuters

Zambia wants to talk about getting more of the ownership of new mining projects. This means they want to own more of the mines. Zambia's president said they would talk about this with the mining companies. Zambia is a country in Africa. It has a lot of minerals like copper. These minerals are important for making things like wires and pipes.

The president of Zambia, Hakainde Hichilema, says the government should own more of the new mining projects. The government owns some of the current mines, but it wants a bigger share in new ones. Hichilema says this would help Zambia get more money from the minerals.

Zambia has a lot of copper, but many people in the country are poor. The government thinks owning more of the mines could bring in more money to help the people. Hichilema also says they need to look at the laws about mining. They want to make sure the country gets a good deal.

The mining companies haven't said much about the president's plan yet. They might not want to give up more of the ownership. They might worry it would mean less profit for them. But the president says they need to work together to make sure everyone benefits.

Zambia has had problems with its mining industry before. In the past, some mining companies didn't pay enough taxes. This meant the country didn't get as much money from the minerals as it should have. Hichilema wants to change that.

Overall, Zambia's president wants the country to have more control over its mining industry. He thinks this will bring in more money to help the people. He also wants to make sure everyone gets a fair deal. It's not clear yet what the mining companies will say. But the president is determined to negotiate for a better outcome for Zambia.