[miningmx.com] – ZAMBIA’S finance minister, Alexander Chikwanda, said the country would resist attempts by mining companies to unseat plans to install a royalty-based tax system which would replace the current profit-based tax.
“These people don’t allow us to think about our own ideas, they just want to think for us,’ Chikwanda told Bloomberg News. “It will pass through in its current form,’ he said. Zambia is Africa’s second largest producer of copper.
First Quantum Minerals has said the royalties will deter investment and lead to the closure of some operations whilst Barrick Gold Corporation has also voiced its concern saying the royalty threatened the viability of its Lumwana mine.
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