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MINES minister Christopher Yaluma says the anticipated K2.3 billion revenue loss from the reversed 2015 mining tax regime is ‘not real’. The government expects a revenue loss of about K2.3 billion from its decision to reverse the 2015 mining tax regime to the double-tier system. Cabinet recently agreed to …
Read More »KCM AND PEPZ TO BROADEN LOCAL ACCESS TO MINING SUPPLY CHAIN
LUSAKA, ZAMBIA – One of Africa’s largest copper mining companies, Konkola Copper Mines (KCM) has joined with the Private Enterprise Programme Zambia (PEP-Z) to explore ways to include more local entrepreneurs in its supply chain. The two signed a Memorandum of Understanding (MoU) today, in which both organisations agreed to further …
Read More »Barrick will not suspend copper mine as Zambia backs down on royalties
LUSAKA – Barrick Gold Corp, the world’s biggest gold producer, said on Thursday it will not suspend operations at its Lumwana open-pit copper mine in Zambia now that the country’s government has reduced mining royalties.Zambia’s cabinet set the royalty tax rate for open-pit and underground mining at 9% on Monday. The corporate income …
Read More »Zambia’s 2015 fiscal deficit to exceed 4.6% of GDP – official
LUSAKA – Zambia’s fiscal deficit will exceed the targeted 4.6% of gross domestic product in 2015 due to weaker copper prices and changes to the mining tax regime, a senior Treasury official said on Friday. Mike Masiye, the director of budget in the ministry of finance, said copper prices had collapsed …
Read More »Turkish company awarded Zesco power upgrade contract
By Obert Simwanza Zambia’s power utility company, ZESCO has awarded a Turkish transmission contractor a 15-month contract to upgrade the 342Km Kafue Town Muzuma-Livingstone high voltage transmission line to 330 Kv from the current 220 Kv, a Turkish official has said. “The upgrade is Babcock’s first project of this magnitude …
Read More »Yaluma, Mwanakatwe to grace Copperbelt Trade Expo gathering.
Minister of Mines, Energy and Water Development, Christopher Yaluma, and his Commerce, Trade and Industry, counterpart Margaret Mwanakatwe, are expected to lead a high-level government delegation at the forthcoming Copperbelt Mining Trade Expo & Conference (CBM-TEC), scheduled for May 5-6 in Kitwe. More than 1800 participants including visitors, exhibitors and …
Read More »Adapt to local culture, Chinese investors urged
By Hicks Sikazwe Collum coal mine in Sinazeze, Southern province shut in 2013 for poor safety standards has been opened with a warning to Chinese management to adapt to local culture to avoid conflict. President Edgar Lungu threatened government would withdraw the operating license if the firm did not comply …
Read More »‘Changes to mining taxes to affect 2015 Budget’
By Obert Simwanza The Zambia Council for Social Development (ZCSD) has said that the proposed amendments to the controversial mining taxes will adversely affect the estimated revenue from the 2015 national budget. ZCSD executive director Lewis Mwape said that his organisation had maintained that the 2015 budget was a disaster …
Read More »Expert condemns decision to discard new mine tax regime
FINANCIAL and banking expert Makesa Kalifungwa says Cabinet’s decision to do away with the 2015 mining tax speaks volumes about the lack of direction and policy inconsistencies of the PF government. Last month, President Edgar Lungu directed finance minister Alexander Chikwanda and his mines counterpart Christopher Yaluma to review the …
Read More »Berkeley shifts gears on Kabwe processing plant
London-listed Berkeley Mineral Resources (BMR) has scrapped the definitive feasibility study- (DFS-) recommended multispiral gravity separation in favour of leach processing for its Kabwe project’s pilot plant, in Zambia. The shift in methodology for the recovery of zinc and lead from the washplant tailings (WPT) and leach plant residue …
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