Mines Minster in Africa’s copper hotspot Zambia, Honorable Richard Musukwa on 05 February assured mining investors of a stable, predictable, simple and secure fiscal regime. He was speaking during a panel discussion dubbed, ‘Zambia as a battery metal supplier: what is the government doing to increase supply?’
Zambia to boost private exploration
Musukwa informed investors that Zambia was seriously considering encouraging private exploration and would additionally provide data for cobalt through remote sensing with the help of nations such as China, Japan and South Africa. This process will assist in identifying resources required for copper and cobalt that should be developed at a large scale to position Zambia for the battery age, The Minister said.
Stability in mining environment and deliberate import tax
Musukwa assured investors of a stable, reliable and predictable fiscal regime aimed at encouraging investment in mining. The Minister also assured investors of security in tenor of mining licenses.
We have taken into account that mining is highly intensive and that it will take years before returns can be earned. We are a mining country for a very long time now.
The 5% tax on concentrates is deliberate. It was imposed to force you develop resources for Zambia and to discourage you from importing from other country’s.
Zambia’s Mines Minister Richard Musukwa
He called on the state pension fund (NAPSA) and other smaller local fund managers to join in the quest to build capacity to support the locals taking cognizance that the bulk of Zambian mining is conducted by multinationals.