The Zambian Kwacha will recover losses against the Dollar, according to the country’s finance minister, predominantly due to forecast capital investment in two key mining assets.

On the finance ministry’s X account on Tuesday, finance minister Situmbeko Musokotwane urged currency speculators to “be careful” as “the Kwacha is about to make a counterattack, not through imagination but because tangible money is going to come in the economy.”

The Mopani and Konkola mines in Zambia’s Copperbelt province are due to return to private control and benefit from essential investment, Bloomberg reports.

Last year production of the metal plummeted, which is Zambia’s principal foreign exchange earner, leading to Dollar shortages.

The Kwacha is now at an all-time low having lost 30% against the greenback since the beginning of last year.

“This money is coming to raise production, so as production goes up, we’ll not see what happened in 2023,” the finance minister stated.

Musokotwane went on to add that the Mopani mine will likely receive funds from Abu Dhabi’s International Resources Holding RSC Ltd. within the next couple of weeks, with the new investor set to take control of the asset within eight weeks, the Bloomberg report adds.

“There’s $80 million, $50 million after that — a cumulative total of $620 million to be put in Mopani so that Mopani comes back to life,” the finance minister continued.

In regard to the Konkola mine, the only remaining issue before Vedanta Ltd. can resume operations is to reach an agreement with creditors on ways they’ll be paid.

A delay in debt-restructuring negotiations has also heightened dollar shortages. Zambia became the first pandemic-era sovereign defaulter in Africa back in November 2020.