A confused picture is emerging on Zambia's mining taxation policy. Mines Minister Christopher Yaluma recently said ., "It is our responsibility and obligation to ensure that we provide an enabling environment for the mines to sustain their operations in the country. We are looking at revisiting the tax regime. Anytime from now we are going to make known [the changes] after cabinet approval."
That statement was made on 28 June 2014. It was interpreted by many, including mining companies, as suggesting that mining taxes were going to be reduced. This was because Yaluma's statement came shortly after FQM announced that it would hold back from investing $1 billion in Zambia.
But two weeks ago Christopher Yaluma gave an interview to CNBC Africa on the sidelines of the ZIMEC 2014 conference in Lusaka were he said Zambia is benefiting from mining. That apparently is a signal that mining taxes will have to go up because Government has a huge funding hole at present.
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