Q FM Africa's Modern Radio
Vedanta Resources Plc the owners of Konkola Copper Mine (KCM) say they will still go ahead and make tough decisions despite President Edgar Lungu directing the Zambia Revenue Authority to expedite dialogue with mine owners and resolve the impasse over the new mining tax regime.
Vedanta’s Chief Executive Officer Tom Albanese told a mining Conference in South Africa on Monday that tough decisions would still have to be made by his company despite Zambia’s encouraging remarks over the new mineral royalty tax.
Mr Albanese said Vadanta through its mining unit KCM is facing a very difficult situation in Zambia.
He said government is chasing capital and the investors away, by making their job a bit harder.
The new mining tax regime which came into effect in January, saw mining royalties hiked to 20 percent from 6 percent on open pit mines and 8 percent from 6 percent on underground mines.