Following yesterday's news that President Edgar Lungu was ordering a revision of the mining royalty regime passed in last fall's budget, Elias Chipimo of the National Restoration Party (NAREP) has issued the following press release:
We note the directive by President Edgar Lungu to the Minister of Finance and Minister of Mines regarding the regulations passed in the 2015 budget increasing mineral royalty tax rates from 6 per cent to 20 percent on open pit mines and 12 percent on underground mines. While we welcome the President's stated commitment to more dialogue and stakeholder consultation, there are some difficulties that arise and will need to be carefully considered as we move forward at this time of high economic uncertainty and hardship.
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