[miningmx.com] – ZAMBIA’s proposal to replace corporate tax with higher royalties, especially for open cast mining, may see Gemfields accelerate plans for the development of an underground mine at its Kagem operation.
Quoting Gemfields director, Sean Gilbertson, Bloomberg News said the UK-listed emerald miner was giving thought to acting on brownfields underground expansion as Kagem as the royalty would become 8% for underground mines.
This compares to a 20% royalties on open cast mining from the current 6% royalty that is charged in Zambia. “It does give a financial incentive to accelerate underground development,’ Gilbertson told Bloomberg News.
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