Business
Zambia Forecloses Mining Windfall Tax Re-Introduction
Zambia, Africa’s top copper producer, will not reintroduce a mining windfall tax it scrapped in 2009 because it may force mine closures, the minister of finance said last Thursday.
“Mining has a long gestation period and we don’t want to tax the mines out of business,” Alexander Chikwanda said on state-owned ZNBC radio
“In fact, there are a lot of complaints from the mines on the government’s hike in the mineral royalty tax from three per cent to six per cent but we need to strike a balance,” he said.
Zambia’s former Mines Minister Wylbur Simuusa said in February the country might bring back the windfall tax if copper prices hit 10,000 dollars per tonne. Prices are now at around 8,455 dollars.
But Chikwanda said that could push up mine production costs by as much as 500 dollars per tonne, which he said would be too high.
Zambia scrapped the 25 per cent windfall tax in 2009 following complaints from miners that it raised production costs and discouraged investment.
The new government of President Michael Sata doubled royalties on copper miners to six per cent in the 2012 budget to bring in revenue to increase social sector spending and farm subsidies.
Miners have warned that such move may cause them to scale back operations.
Foreign miners operating in Zambia include First Quantum Minerals, London-listed Vedanta Resources Plc and Glencore of Switzerland.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
Business
NIS Ends Decentralised Passport Production After 62 Years
Business
FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year
-
Maritime2 days ago
Minister Tasks Academy On Thorough-Bred Professionals
-
Maritime2 days ago
Customs Cautions On Delayed Clearance, Says Consignees May Lose Cargo
-
Maritime2 days ago
NCS Sensitises Stakeholders On Automated Overtime Cargo Clearance System
-
Maritime2 days ago
Lagos Ready For International Boat Race–LASWA
-
Maritime2 days ago
Shoprite Nigeria Gets New Funding to Boost Growth, Retail Turnaround
-
Politics2 days ago
I Would Have Gotten Third Term If I Wanted – Obasanjo
-
Sports2 days ago
Bournemouth, Newcastle Share Points
-
Sports2 days ago
Iwobi Stars As Fulham Overcome Brentford