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Zambia president Mr Lungu threatens mining companies over tax

Mining News - Published on Tue, 21 May 2019

Image Source: borneobulletin.com.bn
Zambia’s President Mr Edgar Lungu told international mining companies to leave the copper-rich country if they opposed a new tax regime, as he ratched up a dispute over possible job losses. Mr Lungu has targetted the mining sector to generate revenue as the country struggles under growing debt, but businesses have warned that the tax proposals could trigger a mass withdrawal of investment and thousands of redundancies.

Mr Lungu told cheering supporters in Ndola, around 300 kilometres north of the capital Lusaka, as he started a tour of Zambia’s mining belt “Sales tax is here to stay and those who don’t want it, will leave.”

Piling on criticism of mining giants operating in Zambia such as Vedanta and Glencore, he added “I am saying this without fear or favour — they have externalised a lot of money. Enough is enough, people are tired and we are not scaring investors because others will come.”

Mr Lungu said he would meet union officials and industry representatives in the Copperbelt province during his tour.

Source :

Posted By : Rabi Wangkhem on Tue, 21 May 2019
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