Copper

Zambia at odds with copper miners over new tax regime

Zambia’s new tax regime has resulted in significantly higher royalty bills than in the past, pitting the nation against copper mining companies. Zambia is Africa’s second-largest copper producer, behind only the Democratic Republic of the Congo. As of 1552 GMT, the London Metal Exchange three-month copper price was trading at …

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Zambia’s president provides assurances to mining investors

Zambia’s president, Edgar Lungu, promised mining investors on Thursday that his country would create a more streamlined tax administration system to make it easier for them to do business. Zambia’s mining tax regime has been a thorny problem since the privatization of mines in the early 1990s, said Edgar Lungu …

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Zambia’s irrational bet on copper can end up working in China’s favour after the country defaults

Zambia, a country once thought to be one of the most investment-friendly in the region, is now one of the most extreme examples of a surge of authoritarian governments in mining-dependent countries that are struggling to pay their bills after borrowing for infrastructure in recent years. The landlocked nation in …

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Poverty-fighting lawmakers taking note of the copper boom

Authorities in three of the world’s largest copper-producing countries are demanding a larger share of the windfall, according to reports released this week. While this isn’t uncommon during times of high prices, there’s also the added motivation of figuring out how to pay for pandemic recovery, as well as talk …

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Mines push on as SA plays catch-up

Omnia Group company BME says South Africa needs to do more to benefit from the looming demand peak in ‘green minerals. Ralf Hennecke, General Manager, Technology and Marketing at Omnia Group company BME said mines have been very successful in containing COVID-19 infections, allowing most operations to return to almost …

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Mining Platform applauds Power projects making a difference Africa

According to the latest edition of Mining Elites in Africa, mines on the continent are beginning to adopt hybrid power plants. The power projects at two gold mines in Mali and at Ivanhoe’s Kamoa-Kakula copper production in the DRC were chosen in the annual publication as stand-out examples of making …

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Glencore ends copper mining in Zambia with sale of stake in Mopani

Glencore announced that its subsidiary, Carlisa Investments Corp. (Carlisa), which holds 81.2% of the shares in Glencore, has entered into an agreement with ZCCM Investments Holding plc (ZCCM) to transfer its 90% interest in Mopani Copper Mines plc (Mopani) to ZCCM, which is the owner of the remaining 10% interest …

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Zambia in drive to dismantle outstanding refunds, pays 67% of VAT refunds to mining firms

Last year, Zambia paid a value-added tax refund of 8.5 billion kwacha ($400 million) to mining firms, the head of the tax authority said recently. After it defaulted on a $42.5 million coupon in November, Zambia, Africa’s second-largest copper producer, is negotiating with creditors to try to get debt relief. …

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Rio will now proceed to the next stage of their Zambia copper project

After incurring project expenditures in excess of $3 million during the initial work phase, Rio will now proceed to the next stage of the Midnight Sun Mining’s Solwezi licenses in Zambia, part of an earn-in and joint venture agreement the companies signed in April 2020. This would allow the company …

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Zambia hopes to “strike a win-win situation”, says mines minister

Zambia hopes to “strike a win-win situation” with bondholders, Mines Minister Richard Musukwa said after Africa’s no.2 copper producer nation failed to pay the $42.5-million coupon on its Eurobond debt last Friday. Zambia doesn’t expect its mining assets to be taken away by bondholders and has no plans to sell its …

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