Zambia’s mining royalties have increased to $70 million amid policy reforms.

President Hakainde Hichilema announced a significant rise in mineral royalty revenues, with Zambia now collecting $70 million, up from the previous $15 million.

During a high-level meeting with Chief Executive Officers from the banking and financial sector at State House, President Hichilema attributed the increase in revenue to the policy reforms implemented by the UPND administration. He noted that these reforms have enhanced transparency and improved the efficiency of revenue collection from mining operations.

The Head of State mentioned First Quantum Minerals as a notable example of compliance, emphasizing its status as one of Zambia’s largest taxpayers. He rejected claims that the government had lost revenue through concessions in the mining sector.

President Hichilema highlighted the significance of the financial sector in supporting Zambia’s economic growth and reaffirmed his government’s commitment to fostering a stable and transparent investment environment.

The meeting, which included key figures in the financial industry, focused on strategies to enhance economic performance and boost private sector involvement in national development.