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Zambia cuts trade deficit by 92% as Copper exports swell

Zambia cut its trade deficit by 92%, a move that is expected to shore up the country’s economic outlook of sustained. The copper rich country recorded a trade deficit in May 2016 valued at K 65.2 Million, representing a 91.5 percent drop in the trade deficit from K765.3 Million recorded …

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Revival of Mokambo Mine on track

Changfa Mining Limited, a Chinese company, has set aside a total of US$200 million to revamp the operations of Old Mokambo Mine to enhance economic activities in the area. The resumption of mining activities at Old Mokambo Mine which was closed in the 60s is anticipated to create about 1,000 …

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Gemfields finalises $65 million debt financing facilities to fund expansions

Aim-listed Gemfields has announced the finalisation of four debt financing facilities after considering a number of alternatives from various banks. Janet Boyce, Gemfields CFO says the facilities, together with Kagem’s existing revolving credit facility of USD$ 30 million with Barclays Bank in Zambia, provides the company with the necessary funding …

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Zambia’s New Mining Tax Regime May Fail the Test of Time

After enjoying one of the greatest mining booms in its history, Zambia is now suffering. The price of copper—a metal on which much of the country depends—has fallen by half in the last five years. This fall has resulted in the loss of thousands of jobs and the deterioration of …

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Proposed MRT regime will enhance tax collection, says Chamber of Mines.

The new proposed changes to the Mineral Royalty Tax (MRT) regime will enhance the collection of mineral revenue by the government rather than compromise it, Chamber of Mines president Nathan Chishimba said recently. Chishimba was reacting to a media statement issued by a consortium of civil society organisations advising government …

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Chamber of Mines praise Government’s effort to save the Mining industry.

The Zambia Chamber of Mines welcomes the changes to the new 2015 Mines and Minerals Development (Amendment) Act which was passed by parliament last Friday. The Chamber maintains its position that the question of having an equitable fiscal regime that promotes the competitiveness of Zambia’s mining sector is not a …

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FQM gives cautious welcome to mining royalties revamp

LUSAKA – Zambia’s largest mining company, First Quantum Minerals (FQM), has welcomed Government’s move to revamp mining royalties as a “step in the right direction” but has called for more to be done to ensure long-term competitiveness and renewed investment in the sector. The new Mines and Minerals Development (Amendment) …

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Zambia scales back mining royalties to 9%

Zambia has approved a proposal to drop a recent and controversial hike in mining royalties and it is returning to a tax system based on profit in a fresh effort to try solving a six-month standoff with miners over the increase. Tthe government has set mining royalties for both open-pit …

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Copperbelt capital equipment supply must be mutually beneficial to ensure sustiainability,argues researcher

Although the mining inputs cluster in Southern Africa, including capital equipment suppliers and the mining equipment sector in Zambia, is well integrated, more needs to be done to ensure mutually beneficial sustainability for all stakeholders, states University of Johannesburg-affiliated research and capacity development group the Centre for Competition Regulation and …

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