by Julia Malunga on 13 Dec 2019by Ulande Nkomesha on 13 Dec 2019by Natasha Sakala on 13 Dec 2019by Natasha Sakala on 13 Dec 2019
by Natasha Sakala on 12 Dec 2019by Natasha Sakala on 11 Dec 2019by Ulande Nkomesha on 10 Dec 2019by Natasha Sakala on 10 Dec 2019
by Zondiwe Mbewe on 13 Dec 2019by Zondiwe Mbewe on 13 Dec 2019by Zondiwe Mbewe on 13 Dec 2019by Zondiwe Mbewe on 13 Dec 2019
- Goal Diggers
by Abraham Kalito on 12 Dec 2019by Abraham Kalito on 9 Dec 2019by Abraham Kalito on 8 Dec 2019by Abraham Kalito on 6 Dec 2019
by Diggers Editor on 13 Dec 2019by Diggers Editor on 12 Dec 2019by Diggers Editor on 11 Dec 2019by Diggers Editor on 10 Dec 2019
- Guest Diggers
by Julius Kapembwa (PhD) on 5 Dec 2019by Rueben Lifuka on 4 Dec 2019by Sishuwa Sishuwa on 22 Nov 2019by Dr Chishimba Mubanga, MSc on 22 Nov 2019
- Editor's Choice
by Diggers Correspondent on 24 May 2019by Diggers Reporter on 4 Mar 2019by Andyford Mayele Banda on 29 Jan 2019by Davies Mwila on 22 Jan 2019
by Diggers Correspondent on 9 Dec 2019by Sampa Kabwela on 23 Nov 2019by Natasha Sakala on 8 Nov 2019by Felix Kashweka on 4 Oct 2019
Mining tax hike won’t affect investment – MusukwaBy Thomas Mulenga on 5 Feb 2019
Mines Minister Richard Musukwa says Zambia remains a stable and attractive investment destination for mining and other economic sectors.
And Musukwa has dismissed assertions that the 2019 mining fiscal changes reflect government policy uncertainty and consistency in the country.
Meanwhile, UPND president Hakainde Hichilema travelled to attend the 25th Mining Indaba in Cape Town, South Africa, in a bid to try and find out what would be a fairer tax regime for Zambia.
In a statement availed by the Zambian High Commission in Pretoria, Musukwa insisted that Zambia still remained an economically viable investment destination, even amidst the hiked 2019 mining fiscal regime.
The 2019 mining fiscal regime, which took effect January 1, 2019, has seen an increase in mineral royalty rates by 1.5 percentage points at all levels of the sliding scale.
It also introduced import duties of five per cent on copper and cobalt, while also hiking export duty on precious stones and gemstones to a rate of 15 per cent, a situation that had prompted mining companies to threaten job cuts, while compelling Konkola Copper Mines (KCM) to downsize its Nchanga Smelter operations due to low availability of concentrates.
But speaking on the side-lines of the 25th Mining indaba in Cape Town, Musukwa insisted that government had a mandate to adjust taxes and other regulations within the legal framework to promote benefits to the community and the country.
Musukwa argued that the increased taxes slapped on imports of concentrates was meant to encourage mining companies develop current resources sitting on their licences.
He said that government had no plans to increase its shareholdings in the mines, and invited mining houses to exploit the opportunities that existed, especially for green investment in the sector.
Musukwa, who is leading a high-level delegation to Africa’s largest mining indaba, is accompanied by provincial ministers from Copperbelt and North-Western provinces, Japhen Mwakalombe and Nathaniel Mubukwanu, who will all be joined by Finance Minister Margaret Mwanakatwe.
The Conference, whose theme of the conference is: “Championing Africa’s Sustainable Economic Growth” opened, Monday, at the International Cape Town Convention Centre.
The Conference will also be graced by South African President Cyril Ramaphosa and his Ghanaian counterpart Nana Akufo-Addo.
Meanwhile, Hichilema, who also travelled to Cape Town to attend the mining indaba, which attracts governments, business executives and investors, said he would use the indaba as a platform to engage mining firms in dialogue to discuss a fair mining tax regime.
“We arrived safely in Cape Town, South Africa, where we will be attending the 25th Mining Indaba. This is the largest mining indaba in the world where governments, investors and high-profile business leaders meet. This year the indaba will see Presidents Cyril Ramaphosa and his Ghanaian counterpart Nana Akkuffo-Addo give keynote addresses. We will be joining high-ranking government officials and mining executives in this endeavour as we seek solutions for our country and our people,” stated Hichilema in a statement released, Monday.
“We are excited with this particular Indaba, which comes at a time when the tax regime in Zambia has been adjusted for the 9th time in 18 years. We shall take this opportunity to engage with the mining houses and have constructive dialogue on what would be a fair taxation system from their point of view and from our point of view. Such dialogue is essential in order to achieve a situation where mining investments benefits Zambia and Zambians as well as investors (win-win situation).”
About Thomas Mulenga
Thomas Mulenga has a special interest in political news, current affairs, community and education news.
- Registrar of Societies playing foolish politics – NAREP - 31 May 2019
- Lungu committed to delivering health care services – Chilufya - 31 May 2019
- Austerity measures a sham – Kambwili - 31 May 2019
- NAREP opposes cancellation of agricultural shows in 3 provinces - 30 May 2019
- Kang’ombe’s victory in Sesheke petition a lesson to PF – UPND - 30 May 2019
- FNB sues 'Bwalya Ng’andu' for failure to settle K369,000 loan (4,110 views)
- Remember, Kapata said mukula proceeds were not remitted to Treasury (2,414 views)
- Maseka fixed windows at Chimese's alleged property, DEC testifies in Perjury case (1,586 view)
- Explain delayed power import, Speaker orders Energy Minister (1,554 view)
- Allowing owing students to write exams creates problems - Mushimba (1,371 view)
- Homosexuality exists in Zambia, no one chooses to be born gay - Sacika
- Don't be used by UPND to get diplomatic jobs, Mumbi tells Diggers journalists
- Allowing owing students to write exams creates problems - Mushimba
- Zambia making tremendous strides in mitigating climate change - Yumba
- Power export to Zambia dependent on our surplus production - Eskom
Subscribe For News In Email
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
The News Diggers
Deputy News Editor
Plot No. Lus/9812/649-MC8
off Alex Chola Road
P.O. Box 32147
Telephone or WhatsApp:
diggers [at] diggers [dot] news
editor [at] diggers [dot] news
Send this to a friend