Zambian President Edgar Lungu’s cabinet has approved a plan to introduce a mine-royalties system that varies based on copper prices as it seeks to keep operations open and prevent further job cuts.
Levies will range from 4 percent to 6 percent, Amos Chanda, the president’s spokesman, said by mobile phone on Wednesday. That’s a narrower band than the 3 percent to 9 percent the government proposed in December. Royalties are currently 9 percent for open-pit mines and 6 percent for underground operations.
