Zambia 2015 Copper Output to Dip on Tax Dispute, Yaluma Says
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Zambia won’t produce more copper this year than last after a tax dispute with operators caused output to slow, said Christopher Yaluma, the minister of mines, energy and water development.
Africa’s second-biggest producer of the metal introduced a new tax regime in January that scrapped profit tax for mining companies and lifted royalties to as high as 20 percent to boost state revenue from the industry. Following threats of job losses and closures, the government said it will lower royalties and reinstate the profit tax from July 1.