A truck travels to a depth of 516 metres below the area to accumulate ore at the Chibuluma copper mine in the Zambian copperbelt region, January 17, 2015. REUTERS/Rogan Ward
Sign up now for Free of charge limitless obtain to Reuters.com
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.
Register now for Free limitless accessibility to Reuters.com
Reporting by Chris Mfula Modifying by Promit Mukherjee, Kirsten Donovan
Our Criteria: The Thomson Reuters Believe in Ideas.