by Mirriam Chabala on 19 Jun 2019by Zondiwe Mbewe on 19 Jun 2019by Mirriam Chabala on 19 Jun 2019by Zondiwe Mbewe on 19 Jun 2019
- Goal Diggers
by Abraham Kalito on 19 Jun 2019by Abraham Kalito on 17 Jun 2019by Abraham Kalito on 17 Jun 2019by Abraham Kalito on 10 Jun 2019
by Sipilisiwe Ncube on 19 Jun 2019by Derrick Silimina on 18 Jun 2019by Stuart Lisulo on 17 Jun 2019by Stuart Lisulo on 17 Jun 2019
by Joseph Mwenda on 19 Jun 2019by Zondiwe Mbewe on 18 Jun 2019by Zondiwe Mbewe on 18 Jun 2019by Zondiwe Mbewe on 18 Jun 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 Editor on 19 Jun 2019by Diggers Editor on 18 Jun 2019by Diggers Editor on 15 Jun 2019by Diggers Editor on 13 Jun 2019
by Zondiwe Mbewe on 7 Jun 2019by Mukosha Funga on 30 May 2019by Sipilisiwe Ncube on 23 May 2019by Sampa Kabwela on 18 May 2019
- Guest Diggers
by Chibamba Kanyama on 11 Jun 2019by Chibamba Kanyama on 28 May 2019by Guest Digger on 22 May 2019by Chibamba Kanyama on 21 May 2019
Chamber of Mines projects lower copper productionBy Mukosha Funga on 24 May 2019
The Zambia Chamber of Mines says copper production is likely to be drastically lower than last year because the new tax regime is forcing mines to cut production.
In a statement, Thursday, Chamber of Mines president Goodwell Mateyo noted that the Konkola Copper Mines (KCM) frenzy was distracting citizens from the real issues which were posing a threat to the entire industry.
According to the Chamber, present forecasts are that copper production, both concentrate and finished copper, will now be drastically lower than last year, and could be as much as 100 000 tonnes lower.
“A ‘good’ tax is one that does not distort economic activity; consumers and businesses continue to buy and sell as they did before. But the 2019 mining tax regime is distorting behaviour. It is forcing miners to do the unthinkable – to cut production – because many cannot afford to continue producing as before,” Mateyo said.
He also said the Chamber would respect due legal process when commenting upon the legal action taken by ZCCM-IH against KCM.
“The recent declaration by the Minister of Mines at KCM’s head office in Chingola was reassuring, and we do respect due legal process. But we are deeply troubled by current public discourse, in both mainstream and social media, the content of which is alarming and shows none of the Minister’s moderation. Investors need to see clear and consistent guidance from Government, the ultimate owner of ZCCM-IH, on its intentions and the actions it proposes to take,” Mateyo said.
He said he was concerned about the nature of debates surrounding KCM.
“We must strive for a less emotive investor narrative. Zambia needs investment. The government needs bond holders, businesses great and small need capital, and Zambia’s mines need continuous investment to remain productive. There is a shortage of capital in Zambia, so we must look elsewhere for this investment,” said Mateyo.
“But, this is an opportune time to think about the type of investor Zambia wants to encourage – because not all are alike. We must ensure the business environment in Zambia attracts responsible investors, and it is high time we acknowledge the many players within the mining sector that are the responsible, good corporate citizens we want, and should wish to keep. Ultimately, the Chamber is concerned about the future of the entire industry, rather than that of its individual members. The KCM story has created a social media frenzy, but it is distracting us from the real issue at play here – which is the increasingly unbearable tax burden in a country where most mines are already regarded to be high-cost operations, not least because of the hundreds of millions of dollars in outstanding VAT repayments that have eroded cash flow.”
About Mukosha Funga
Mukosha Funga is a Zambian journalist interested in good governance and anti corruption reporting.
- DEC, ACC relies on FIC to prosecute money laundering, reveals regional body - 18 Jun 2019
- It’s cruel to show off corruptly obtained wealth – Musa - 18 Jun 2019
- Allies extol Chiluba: There was no basis for removing his immunity – Judge Musonda - 17 Jun 2019
- We’ve enhanced democracy as can be seen from freedom of expression – Lungu - 14 Jun 2019
- Court acquits News Diggers, editor, reporter in Chanoda case - 11 Jun 2019
Subscribe for email alerts
ArchivesJul0 PostsAug0 PostsSep0 PostsOct0 PostsNov0 PostsDec0 Posts
- 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