Minister of Mining Albert Mbawala has disclosed that his ministry needs K5 billion to start the establishment of a state-owned National Mining Company.
Mbawala made the remarks during Government Faces the Press where he updated the nation on the progress made in the mining sector.
He said the mining investment company shall promote the optimal development of the mineral sector as well as maximization of the national mineral revenue and social benefits.
“In order for this to materialize, the ministry require funds as the initial seed Capital for the company,” he said.
To this effect, Mbawala said, the ministry submitted a budget to Ministry of Finance for consideration for approval during the 2022/23 Mid Year Budget Review.
Due to the country’s other equally competing needs engendered by the lean resource envelope, he said, the ministry’s request for the operationalization of the company was not granted.
Mbawala however said the ministry will continue lobbying with the Treasury for consideration for a budget line for the operationalization of the state-owned mining company in the upcoming Annual Budget for 2023/24 financial year.