The Association of Zambian Mineral Exploration Companies and the Zambia Chamber of Mines have stated that the proposed bill will hinder the government's strategy to increase copper production.

Two Zambian mining organizations have issued a warning that Zambia could face long-term policy instability and stagnation in mining investment if the proposed Minerals Regulation Commission Bill is not revised.

In a joint statement released on Wednesday, the Association of Zambian Mineral Exploration Companies (AZMEC) and the Zambia Chamber of Mines (ZCM) expressed concerns that Zambia’s exploration and mining risks are expected to rise.

The organizations stated, “If the Minerals Regulation Commission Bill is enacted into law in its current form, it will send a clear message to the mining investment community, both locally and globally: Zambia is neither policy-stable nor finished with expropriating the assets of mining investors.”

The Zambian Ministry of Mines has not yet provided a response to this development.

The government’s proposed Minerals Regulation Commission Bill aims to “regulate and monitor the development and management of mineral resources” in Africa’s second-largest copper producer.

However, AZMEC and ZCM argue that the bill would “increase the perceived risk of investment in Zambia, thereby raising the cost of capital for every business in the country,” and could “deal a fatal blow” to the government’s ambitious goal of boosting copper production to 3 million tonnes.

President Hakainde Hichilema’s administration has stated its intention to improve the country’s investment reputation and increase copper production. Data from the Zambia Chamber of Mines revealed that copper output fell to 698,000 tonnes in 2023, down from 763,000 tonnes the previous year.