[miningmx.com] – MINERS operating in Zambia will pay higher royalties as the southern African country’s government last week approved the increases as a replacement for 30% income tax.
Citing Zambia’s finance minister, Alexander Chikwanda, Bloomberg News said royalties would increase to 20% for open pit mines and 8% for underground operations. The new charges would raise $270m next year, the newswire said.
The increased royalties would “achieve a more equitable distribution of the mineral wealth between government and the mining companies,’ Chikwanda said.
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