Lumwana says higher taxes will have severe impact on business
LUMWANA – Higher mineral taxes in Zambia will have a severe effect on Lumwana Mining Company's operations, driving its costs up, the copper miner's country manager, Nathan Chishimba, told journalists on Tuesday.
Earlier this year, Africa's second-largest copper producing country increased royalties and introduced a new 10% tax on miners when the price of copper exceeds $7 500/t, prompting warnings it could tip many producers into the red.
Lumwana, a unit of Barrick Gold, also said on Tuesday it expected its copper output to rise to 107 000 t in 2019, up from 101 000 t last year, and that it planned to ramp up output even further in 2020.
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