DEFIANT INVESTORS WARNED

PRESIDENT Edgar Lungu has warned that Government will impose sanctions and disengage with investors who do not operate within the con nes of the law. e Head of State said much as Zambia was open to investment, Government expected investors to operate within the con nes of the law. He was speaking yesterday in Lusaka at the ninth Zambia Investment in Mining and Energy Conference (ZIMEC) in a speech read Mines and Minerals Development Minister, Richard Musukwa. e conference is being celebrated under the theme "Creating an attractive investment framework to catalyst Zambia's mining and Energy sectors." "Government expectation is for investors to operate within the con nes of the

Government will not take kindly to any form of arm twisting on the part of industry with regard to meeting their obligations,”— `President Lungu

law. Failure to do so will result in Government imposing sanctions and disengage with the unwilling parties. "Government will not take kindly to any form of arm twisting on the part of industry with regard to meeting their obligations," President Lungu said. President Lungu also said Government was open for discussions with the mining rms on the new tax regime. Government, he said, stood ready for constructive dialogue with all stakeholders to address the concerns and avert any adverse consequences. He said the dialogue was to ensure that the mining industry continued to register positive growth as copper production for this year was expected to reach 890,000 tonnes. "I wish to extend a leaf to all a ected parties to come forward and engage with Government to come up with justi able solutions for implementation," Mr Lungu said. Speaking earlier, Zambia Chamber of Mines president Goodwell Mateyo requested Government to revisit the current tax regime for the sector as it served to deter investment. Mr Mateyo complained that the industry had been faced with a mining tax regime that left the sector an outlier with higher tax rates compared to peer mining jurisdictions. "We further request that serious consideration be given to the counter proposals on mining taxation, as submitted by the Chamber. I remain resolutely committed to meaningful engagement with the Government. "I remain optimistic that through dialogue we shall be able to nd a balance between a tax regime that encourages investment on the one hand and one that also ensures that the Government is able to generate su cient resources on the other to - nance developmental goals and agenda," he said.