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Zambia govt. issues exploration warning Posted: Fri, 08 Feb 2008 [miningmx.com] -- THE Zambian government has warned the mining and exploration sector that it would lose the right to develop mineral-bearing properties if it failed to develop them timeously. The state would also implement its new royalties and taxes, increased to 3%, equally over all mining companies regardless of whether previous agreements existed. These messages were delivered in a speech prepared by President Levy Mwanawasa and delivered by his deputy, Vice President Rupiah Banda at the third Africa Mining Congress, Livingstone, Zambia. As part of a drive towards securing the country’s energy sources, the government is to repeal and replace the Petroleum Exploration and Production Act to clear the way to exploit potential oil and gas deposits within the country, Banda said. “My country is ready to gives companies the opportunity to invest in the petroleum sector,” he said. It will call for bids once the act has been changed this year to ensure there is more flow-through of profits to civil society than under the previous legislation. While there are uranium prospecting licences in issue, none have yet been issued for mining. The government has drafted International Atomic Energy Agency-approved regulations that will be enacted with the new Mines and Minerals Act this year. Equinox, Albidon and Omega Corp were singled out by the president as those having uranium potential. Use it or lose it The Zambia government is implementing a “use-it or lose-it” policy as it tries to shake out those sitting on unused prospecting tenements. “We have conducted a general audit of all tenements to find out whether the licence holders are complying with the Act,” Banda said. “We have commenced a procedure cancelling licences of defaulters to pave the way for other investors take up those tenements.” Click Here to subscribe to our daily newsletter
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