First Quantum Minerals – FQM has vowed to remain positive by joining other manufacturers in Zambia to remain resilient in the wake of global and domestic shocks such as the energy crisis and currency volatility.
FQM has since announced a K350 000 Diamond Sponsorship package to promote the Manufacturers Month starting next week organized by the Zambia Association of Manufacturers.
FQM Zambia Lead-Infrastructure Development, Jed Goldstein, said the sponsorship underscores FQM’s unwavering commitment to fostering local economic development and advancing Zambia’s manufacturing sector.
Mr Goldstein said the support for the conference aligns with FQM’s strategic focus on enhancing local procurement and supplier capacity building.
“We have consistently prioritized engaging with local suppliers to stimulate economic growth, create employment opportunities, and reduce reliance on imports. This approach is vital for the sustainable development of Zambia and reflects our broader commitment to contributing to the country’s industrialization and job creation goals. During the conference, FQM will highlight our ongoing collaboration with ZAM and the Zambian Bureau of Standards (ZAB) to establish new frameworks for increased cooperation. These efforts aim to align local manufacturing standards with the global requirements of Zambia’s mining industry, ensuring that Zambian manufacturers are well-equipped to meet these demands,” he said.
Mr Goldstein stated that FQM will announce a six-week secondment of a ZAM representative to our Trident and Kansanshi operations.
He observed that the initiative will provide valuable insights into FQM’s procurement processes, evaluation criteria, and the existing efforts to promote local content within our operations.
“As demonstrated by the recent visit of ZAM’s Board of Directors to our Trident mine in Kalumbia, FQM remains dedicated to fostering mutually beneficial partnerships with local suppliers. Our collaboration with ZAM reflects our shared vision of promoting sustainable economic growth and prosperity within Zambia. We believe that by investing in local suppliers and communities, we can drive significant progress in Zambia’s manufacturing sector and contribute to the broader economic diversification of the country. First Quantum Minerals remains committed to creating value for all stakeholders and supporting the long-term socio-economic development of Zambia. FQM’s investment in the Manufacturing Month reflects its commitment to collaborate with Zambia’s manufacturers, through ZAM, to drive growth in local manufacturing capacity,” he said.
At the same function, Zambia Association of Manufacturers (ZAM) Policy Committee Chairperson Chipego Zulu Chileshe said the 14th session of the Manufacturers’ Month demonstrates the collaborative spirit within the manufacturing sector, which continue to drive Zambia’s economic growth, employment creation, and poverty reduction.
“As a sector, we are faced with several challenges hindering our operations. The sector has been impacted by global and domestic disruptions, inflationary pressures, and currency volatility, all of which have contributed to an increase in the cost of doing business. Exchange Rate Volatility has adversely impacted the cost of procuring raw materials and inputs required for production, especially where the same are not locally available. Energy which includes fuel pump prices as well as electricity rationing arising from the national disaster the country is currently grappling with. As a result of these challenges, the sector growth in the first quarter of the year 2024 shrunk to 2.3% from 3.7% which was recorded in the same period in 2023,” she said.
And Zambia Association of Manufacturers (ZAM) Chief Executive Officer, Muntanga Lindunda, said this year’s Manufacturers Month coincides with Zambia’s 60th Independence Anniversary, providing an opportunity to celebrate the resilience and innovation of the manufacturing sector.
“Over the past six decades, Zambian manufacturers have adapted to a changing environment, consistently delivering high-quality goods that contribute positively to our economy.
The month will run under the theme “Zambia @ 60: Building Competitiveness, Resilience and Sustainability in Manufacturing,” underscoring the critical role manufacturers play in Zambia’s economic development. Over the month, we will showcase our industry’s potential for sustainable growth, highlight opportunities for continued investment, and celebrate the manufacturers that continue to make the local products that we have come to know, trust, and love,” she said.
Ms Lindunda said over the last 13 years of hosting the Manufacturers Month, ZAM is proud of the significant impact it has had on the business community.
“This includes the development of business linkages through key platforms such as the Mining Local Content Conference. Providing a platform for policy dialogue through various conferences and public discussions. Disseminating evidence-based research to drive policy reform. Bridging the gap between industry and key service providers such as academia, banking institutions, technical and vocational institutions, and the public sector. Driving ESG initiatives and sustainability through various corporate social responsibility initiatives and giving back to the community. Promoting locally produced goods through the Proudly Zambian Campaign and Expo. This is happening at a time when our nation is experiencing various challenges, but we are here to share a positive story of resilience,” she said.
The ZAM CEO said her organization’s focus is to share the partnership it has solidified with First Quantum Minerals (FQM) during Manufacturers Month.
“We appreciate you, the FQM team, for being here. Your presence consolidates what we have been discussing over the month,” she said.
