Mining Taxes Under Review

October 2008 | Ratings Update

As we were going to print, the Zambian election for president was slated to occur on October 30. Whoever wins, the fate of the new tax regime on the mining sector looks set for revision. On September 30, Mines and Mining Development Minister Kalombo Mwansa stated that negotiations to cut taxes for First Quantum Minerals would be extended to other firms who approached the government. The lower tax regime will compound losses the government will sustain from taxes on the mining sector, given the drop in copper's price.

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