[miningmx.com] – MINERS operating in Zambia have frozen or slowed investments totallling $1.5bn, said Bloomberg News citing the comments of the country’s Chamber of Mines.
Chamber president, Emmanuel Mutati, told Bloomberg News that investment had been shelved after the Zambian government refused to pay $600m in VAT payments. The government fears miners are involved in transfer pricing and want the miners to prove the price at which metals are sold.
First Quantum Minerals said last month that more than $1bn of spending had been slowed or delayed while other companies have “shelved’ investments of as much as $500m, Mutati said.
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