$500m could be lost in mining sector
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Loading... - Wanja Koome
- 07 Apr 2022
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Zambia could lose up to US$500 million annually due to Illicit Financial Flows (IFFs) if transparency and accountability are not promoted in the mining sector, Consumer Unity and Trust Society (CUTS) has said.
And a trade expert from Stanbic Bank Plc has urged mining houses to expand production in view of high copper prices on the international market.
On Friday, the price of copper on the London Metal Exchange (LME) was trading around US$10,288 a tonne.
As of 2020, Zambia’s total IFFs were reported to amount to about K3 billion.
This is according to a recent study conducted by an American-based Natural Resource Governance Institute.
“According to a High-Level Panel report on IFFs in Africa, it was disclosed that the continent’s IFFs were highest in the extractive industries and that Zambia accounted for 65 percent of the continent’s IFFs in copper,” CUTS programme officers Allan Chitwamali and Ntalasha Chilukutu said in a joint statement over the weekend. Read More...
