[miningmx.com] – VEDANTA Resources CEO, Tom Albanese, said there was a ‘huge’ restructuring task due at the firm’s Zambia business following losses at the Nchanga copper operations while the country’s proposed higher royalty system would only make the situation worse, said Bloomberg News.
In a report cited in an Investec Securities note, Albanese said the Zambian government had to come up with a “middle-of-the-road fiscal environment’ and should be based on royalties and profit tax.
Konkola has provided the government with documentation required for most of nearly $200m in owed VAT repayments, but has not yet received any refunds. The royalty system was referred for possible restructure by Zambia present, Edgar Lungu however.
