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The increase in royalties will cause half of the Zambian copper mine to lose money

Release date:2018-12-28  source:自然资源部  author:上海有色*  Browse times:3083
The Zambia Chamber of Mines (ZCM) recently said that as the government raises the tax rate, more than half of the copper mines will lose money next year, and thousands of miners face unemployment risks.

ZCM estimates that the effective tax rate of mining companies will increase from 86% to 105%, and 27,900 people face unemployment risks.

This month, the Zambian Congress passed a bill to increase the copper and cobalt mine royalties, with the main purpose of reducing foreign debt and curbing the rising budget deficit.

Mining companies, including Glencore Plc and First Quantum Minerals Ltd., warned ZCM that raising the premium would result in 21,000 jobs and $500 million in investment losses.

ZCM predicts that Zambia's copper production will be 820,000 tons in 2018. Zambia's copper mine production will remain flat next year and will decline in 2020.

Copper accounts for 70% of Zambia’s export foreign exchange earnings.

 
Key word: 铜矿
 
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