Renowned for its copper production, Zambia is now setting its sights on a gleaming new target. While diamonds may be considered most people's best friend, for the landlocked southern African country, it's emeralds that hold the spotlight.According to President Akainde Hichilema, significant efforts are being made by the government to support the gemstone sector, in particular emeralds. “Zambia has become the world’s largest producer of this precious stone,” he said. “Therefore, we acknowledge the investments of companies such as Gemfields in a joint venture with the government.”Unlike diamonds, which are mined in over 60 countries worldwide, emeralds are far more rare and exclusive. Only three countries, namely Colombia, Brazil, and Zambia, produce them in significant quantities. While countries like Colombia require miners to dig deep into the earth to find these precious jewels, Zambia's emeralds are often found closer to the surface, simplifying extraction processes. This characteristic allows for safer surface operations. Moreover, Zambia has made significant strides in increasing its mining output, positioning itself as a global leader in the industry.Hichilema said it was important for Zambia to continue to diversify its mining portfolio and not just focus on copper, a commodity for which it is traditionally known. Investments into the mining sector at large are encouraged. “We are undertaking a nationwide geological mapping exercise to provide accurate geodata for exploring new mineral resources and deposits,” he said. “We are also encouraging diversification through this mineral exploration exercise so as to confirm resources in rare earths, lithium, gold manganese, graphite, sugilite, and indeed diamonds.”Hichilema acknowledged that improving and diversifying Zambian mining hinged on successful development of its energy and transport sector and investment in this regard was necessary to support its bold mining ambitions. “We are committed to continuing to invest in our energy and transport infrastructure. This includes $2.2 billion for the Kafue Gorge lower power station,” he said. “The UK-Zambia green growth compact, opening up $3bn in private sector and government funding for renewable energy projects across Zambia is another priority.”The Copperbelt Energy Company has issued a $200-million green bond to finance solar, wind and other renewable energy projects in the country.“We have opened up the energy market to private sector players through the open access regime and facilitated off-taker guarantee financing, allowing mining companies to finance captive power to fuel their expansion projects,” he said. “We have also lined up infrastructure projects like the Zambia-Lobito rail line and the upgrading of the Tazara railway line to provide a smoother route to markets for mining operations based in our country.”
