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LUSAKA, March 22 (Reuters) – Copper manufacturing in Zambia dropped to 800,696 tonnes final calendar year from 837,996 tonnes the calendar year just before, facts acquired from the nation’s statistics agency confirmed on Tuesday.
Zambia’s cobalt manufacturing also dropped to 247 tonnes final year from 316 tonnes a 12 months before, according to the Zambia Stats Agency (ZAMSTATS).
The Zambia Chamber of Mines mentioned the reduced output was predominantly owing to operational troubles arising from a lack of recapitalisation due to an unattractive mining tax regime.
“It is only now that we are seeing mining businesses recapitalising soon after mineral royalty was created a deductible expense,” chamber chief govt Sokwani Chilembo informed Reuters.
Mining businesses functioning in Zambia had extended complained about what they named “double taxation”, with mineral royalty payments not addressed as a deductible price when calculating corporate cash flow tax because 2019.
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Reporting by Chris Mfula Modifying by Promit Mukherjee, Kirsten Donovan
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