Government says it has completed all processes behind establishment of the first ever state-owned mining company.

According to Minister of Mining Albert Mbawala, the only thing that is derailing the establishment of the company is funding.

He said: “All the processes and stages and were done, we are now at a stage where we need financing, we need K5 billion to finance the state-owned mining company.

Ministry of Finance has assured us that they will be able to give us the financing in the mid-year review as we are actually going into mid-year review very soon.”

Mbawala however expressed hope that Treasury will disburse the needed K5 billion in the forthcoming mid-year budget review.

“So we hope that by December we shall have the money to establish the company, but everything was done,” Mbawala said.

Mbawala disclosed that the Ministry has issued 48 new large-scale Mineral Exploration Licences, 19 Retention Licences, 5 Medium to Large-scale Mining Licences, 322 Small-scale Mining Licences (66 of which are Gold Mining Licences) and 420 Reserved Minerals Licences.

The establishment and operationalization of a state-owned mining investment company shall be mandated to promote the optimal development of the mineral sector and maximization of the national mineral revenue and social benefits.