24 October 2007
Ndola — GOVERNMENT has established a team of seven international mining experts and senior Government officials to study how best the negotiations of development agreements with the mining sector can be done, Finance and National Planning Minister, Ng'andu Magande has said.
Mr Magande said that the team, which constituted reputable experts from major copper producing countries around the world such as Chile, had been meeting over the last 10 days to chart the way forward on the matter.
Speaking in Lusaka yesterday when he closed the launch of the culture remodeling economic exchange forum, Mr Magande said that the team was expected to submit its report to a committee of ministers in the next few days.
"We want to come up with the best re negotiation position such that if three per cent on mineral royalties is not a good number, then we can come up with another new number and give it to the mining companies," he said.
Mr Magande said the mineral royalty for 2007 was projected at K77.28 billion and that a total of K30.30 billion was collected from the royalties by August 2007.
The minister said that the Government was expected to collect K46.90 billion in mineral royalties for the remaining part of the year.
He said that Kansanshi mine and Konkola Copper Mines (KCM) were the major contributors to the royalties.
Mr Magande said Africa should try to derive maximum benefits from natural resources given that the resources are non- renewable.
He said that tax policies and systems should be tailored in such a fashion that there were maximum benefits.
Mr Magande said that tax payable in 2007 was expected at K412.96 billion.
By June 2007, Mr Magande said that a total of K278.78 billion was collected by the Zambia Revenue Authority (ZRA) and K142.09 billion was expected to be collected between July and December during the year.
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