Q FM Africa's Modern Radio
Cabinet has approved changes to the 2015 Mineral Royalty Tax Regime.
And President Edgar Lungu has directed Ministers to present to Cabinet next Monday details to be presented to parliament for approval.
Addressing journalists last evening at State House after Cabinet meeting, Special Assistant to the President for Press and Public Relations Amos Chanda says all administrative and legislative procedures to effect the changes will be completed before the next Cabinet meeting.
Mr. Chanda says the changes follow extensive consultations with the mining Industry in the light of the significant changes in the fundamental assumptions upon which the law was based and sudden fall in the prices of copper on international market.
Mr. Chanda explains that the budget approved by Parliament had assumptions that the price of copper was going to be US$6, 780 per tonne, but that this has reduced to US$5,665 representing a reduction of US$1,115.
He further explains that production, which was also assumed to likely stay at a peak of 959, 696 tonnes has dropped to 839, 000 tonnes representing a drop by 130, 696 tonnes.
The Special assistant to the President for Press and Public Relations has also disclosed that the President has also directed the Technical Committee he appointed to interrogate the challenges that arose from the Mineral Royalty Tax regime will continue with consultations with stakeholders to ensure a robust and predicable mining tax regime.