Zambia says won’t re-introduce mine windfall tax
Lusaka-Zambia, Africa’s top copper producer, will not re-introduce a mine windfall tax it abolished in 2009 as such a measure could harm mining operations and negatively impact the economy, finance minister Alexander Chikwanda said on Wednesday. “It would be unwise for the government to introduce a windfall tax when metal prices are unstable and are usually trending downwards,” Chikwanda said.
Zambia doubled royalties on copper miners in the 2012 budget and the World Bank said that would not cripple the industry at the current strong prices but could cause problems if the commodity cycle reverses. -Reuters/Nampa