Zam­bia scram­bling to up cop­per prof­its

Finweek English Edition - - IN BRIEF -

Zam­bia’s new pres­i­dent Edgar Lungu re-ap­pointed for­mer mines min­is­ter Christo­pher Yaluma as the gov­ern­ment tries to reach an agree­ment with min­ing com­pa­nies over new roy­al­ties and VAT re­funds, Reuters re­ported. The coun­try, a ma­jor cop­per pro­ducer, lifted roy­al­ties on open-pit mines to 20% from 6% in Jan­uary, de­spite cop­per trad­ing at its low­est lev­els in more than five years. The Cham­ber of Mines of Zam­bia pre­vi­ously warned that the hikes could lead to shaft clo­sures and cost 12 000 jobs. The dis­pute around VAT in­volves re­funds of $600m (R7bn) the in­dus­try says is be­ing with­held by the gov­ern­ment.

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