[miningmx.com] – ZAMBIA’S cabinet has approved amendments to its controversial mining royalties law passed only last year, said Reuters citing a statement issued by the southern African government.
“This follows extensive consultations with the mining industry in the light of significant changes in the fundamental assumptions upon which the law was based and the sudden fall in the price of copper,” the presidency said in a statement.
Zambian president, Edgar Lungu, last month directed the finance and mining ministers to change royalties on mining firms by April 8, saying Africa’s second biggest copper producer could consider temporarily reverting to tax regime of 2014, said Reuters.
The statement did not explain what amendments were approved.
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