https://www.miningweekly.com

Zambia fires CEO of State mining investment arm ZCCM-IH

1st February 2019

By: Reuters

  

Font size: - +

LUSAKA – Zambia has fired Dr Pius Kasolo, the CE of State mining investment arm Zambia Consolidated Copper Mines Investment Holding (ZCCM-IH), Mines Minister Richard Musukwa said on Friday, without giving a reason.

On Monday, Kasolo said the government should quickly resolve its tax row with mining companies to avoid hitting operations and ZCCM-IH dividends.

Zambia, Africa's No.2 copper producer, increased its sliding scale for royalties of 4% to 6% by 1.5 percentage points from January 1 and introduced a new 10% tax when the price of copper exceeds $7 500/t.

Musukwa said on Friday the new tax measures were not meant to stifle mining operations and would not adversely affect the operations of ZCCM-IH.

"I am advised by the board of ZCCM-IH that the CEO . . . has been relieved of his duties," Musukwa said at a joint briefing alongside presidential spokesperson Amos Chanda.

ZCCM-IH spokesperson Louisa Mbata-Kakoma told Reuters the company was preparing a statement on Kasolo's dismissal.

Zambia also plans to replace value-added tax with a sales tax by April to help bring down mounting public debt.

Mining companies said last month they may lay off more than 21 000 workers due to reduced capital expenditure over the next three years as a result of the new tax measures.

Edited by Reuters

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION