Take advantage of high copper prices, govt urged
With the booming copper prices, mining companies are going to make huge profits and therefore government should seize the opportunity to invest in key sectors such as education, agriculture and health, the Justice for Just Communities Foundation, has said.
Currently, the red metal is fetching about US $9,830.50 per tonne on the London Metal Exchange (LME).
Justice for Just Communities Foundation executive director, John Kalusa, attributed the price boom to increased production and demand for electric vehicles as well as the Russia, Ukraine war.
Mr Kalusa stated that there is need for government to take advantage of the development as the trend may be temporary.
“As long as the Russia, Ukraine war is at play coupled with the increase in demand for electric vehicles, the price of copper will continue going up. And therefore this is the time government should take advantage of the situation and invest more in the key sectors,” said Mr Kalusa.
He said taking advantage of the current development and ploughing back the proceeds into communities will help host communities benefit from natural resource.
He has however appealed to government to cancel the tax holiday given to mining firms in the copper industry if the country is to benefit from the booming copper prices.
He said government erred by giving tax holiday to multinational mining companies hence the need to have it revisited.
“They can revisit that holiday tax, it can either be shortened or done away with completely so that the country can benefit,” he said.