LUSAKA – Zambia's proposed mining tax increases will hit mineral exploration and production in Africa's second biggest copper producer, companies involved in exploration said on Tuesday.
Zambia plans to introduce new mining duties, replace Value Added Tax with sales tax and increase royalties to help bring down mounting debt, its finance minister said while delivering the 2019 budget speech last month.
LUSAKA – Zambia's Finance Ministry said on Sunday that it was open to dialogue with mining companies over the government's plans to increase mining taxes.
Africa's second-largest copper producer said late last month that it would introduce new mining duties and increase royalties to help bring down mounting debt.
LUSAKA – Zambia's proposed mining tax increases would hobble Africa's second biggest copper industry, companies said on Thursday, a further warning to investors already concerned about the country's mounting debt.
Several mines would become unprofitable if the tax plans were implemented with overall copper production likely to fall, Zambia Chamber of Mines president Nathan Chishimba said.