Government revenues from mining in Zambia increased by almost 50% in 2010, to US $750 million. This was disclosed when Zambia published its 2010 EITI Report in Lusaka on 22 February 2013.
The 50% rise is explained by a 16% increase in copper production and booming copper prices worldwide (up 25% from 2009).
On launching the report, Zambia's Minister of Mines, Hon Yamfwa Mukanga said that being transparent about the Zambia's revenues is necessary in order for "Zambian citizens to maximise benefits from the mining sector".
Mining is a crucial part of the Zambian economy, with the direct contribution to GDP being about 11% in 2010 (US $590 million) and expected to grow to US $1.35 billion in 2015, according to the EITI report. The indirect contribution might be as much as half the economy. Copper exports of US $5.8 billion accounted for 78% of the Zambia's total exports in 2010.[view whole blog post ]
|Mozambique Ruling Party Faces Tough Contest|
Renamo supporters: Ruling Frelimo faces a stern challenge at Wednesday's polls from...
|Surge in Central African Republic Violence|
African Union troops in Bangui (file photo): The UN has expressed alarm...
|Nigeria, Cameroon, Ghana Get Crucial Wins|
Asamoah Gyan of Ghana (file photo): The Super Eagles have boosted their...