Business

Mineral royalties reduce by $30m

KALONDE NYATI
Lusaka
MINERAL royalties paid to Government will this year reduce by US$30 million from the projected US$90 million as the COVID-19 continues to haunt the mining industry and the economy as a whole.
Zambia Chamber of Mines chief executive officer Sokwani Chilembo said royalties to Government from the mining sector are expected to reduce with companies projected to pay between US$60 million and US$65 million.
Like all countries globally, Zambia has been affected by the effects of COVID-19 as evidenced by the shrinking of various sectors of the economy due to reduced productivity.
The pandemic has seen Zambia recording over 3,000 people infected and 128 deaths.
Mr Chilembo said mining companies have suffered an alarming drop in revenue over three months, illustrating the deep impact of COVID-19 on mining finances, and the fall in mining revenues has led to a corresponding fall in mineral royalty payments. CLICK TO READ MORE






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