Mines paint gloomy tax scenario

AN open pit mine.

IN THE wake of concerns that Government is being arm-twisted, mining companies said yesterday that most of them could become loss-making entities when new mining and sales taxes are effected next year.
The mines claim that the new tax system could deter further investments in mining and other sectors.
Zambia Chamber of Mines president Goodwell Mateyo said at a media briefing yesterday that if Government’s tax proposals go ahead, more than half of the mining companies operating in the country could become loss-making.
He contends that this would result in job losses of over 21,000 over the next three years.

Facebook Feed