In a statement from the Zambian President Edgar Lungu, The Government of Zambia remains committed to the resolution of recent disagreements with mining companies over the new mining tax regime and has asked the Zambia Revenue Authority (ZRA) to expedite talks with miners.
Zambia began implementing a new tax regime in January 2015 that would require open-pit mines to pay up to a 20% royalty on their revenue, a move that was expected to have the greatest impact on the Zambian copper mining sector.
According to President Lungu, the Zambian Finance Minister Alexander Chikwanda will begin discussing issues with the country’s mining companies this week.
“The ultimate aim is to protect jobs and keep mines profitable at the same time,” said President Lungu, “an amicable settlement that must end in a win-win outcome for both the mining companies and the people of Zambia.”
Copper currently contributes around 70% of the Zambia’s foreign exchange earnings and the country is the 8th largest producer of copper worldwide.