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The powerful governor of Democratic Republic of Congo’s Katanga province warned on Wednesday against significant tax hikes in a proposed new mining code amid a recent decline in copper prices.The southeastern province accounts for nearly all of the vast central African state’s copper production, which surpassed one-million tonnes for the first time …
Read More »Suspension of Lumwana workers angers mine unions
MINEWORKERS unions say the suspension of 139 workers at Barrick Lumwana Mine in North-Western Province is an indirect way of retrenching employees. Barrick Lumwana Mine management has suspended 139 workers, mostly those who were suspected to have taken part in the threatened mine closure protests following increased mineral royalty taxes. …
Read More »West African summit to focus on challenges affecting the region
The 2015 West and Central Africa (WaCA) Mining Summit and Expo, which will be held at the Accra International Convention Centre, in Ghana, on May 20 and 21, will focus on ways to mitigate the challenges facing the mining industry in these two regions.The summit’s theme – A Premier Showcase of …
Read More »Mining rights applications will be decentralised’
GOVERNMENT says it is in the process of decentralising applications for mining rights and renewal of licences to help grow Zambia’s mining sector to enable it become competitive on the international market.Minister of Mines, Energy and Water Development Christopher Yaluma said application for mining rights and renewal of licences will …
Read More »State reviews mining growth projections
GOVERNMENT is reviewing the growth projections of the mining industry in the short to medium term.Minister of Mines, Energy and Energy Development Christopher Yaluma said the mining industry is highly competitive as evidenced by the recent growth levels of copper production in the Democratic Republic of Congo, hence the need …
Read More »Kwacha expected to gain
THE Kwacha is expected to gain against the United States (US) dollar due to inflows of the greenback on the market, Zanaco Bank says.In its daily treasury newsletter, the bank says the local unit was yesterday anticipated to trade in the range of K7.30 and K7.45 against the dollar in the …
Read More »Anticipated K2bn loss from mine tax reversal is not real – Yaluma
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 …
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