Q FM Africa's Modern Radio
Chamber of Mines of zambia President Jackson Sikamo
The Zambia Chamber of Mines has welcomed the changes to the 2015 Mineral Royalty Tax effected by Cabinet.
Chamber of Mines President Jackson Sikamo in a statement says they are happy over the principle of returning to a two tier tax system which will in the long run ensure increased revenue to the government coffers for social and economic development on a sustainable basis.
Mr Sikamo says this will also ensure investment in the mining sector for sustainability of the industry and security for of direct,indirect and induced jobs.
He adds that the move will also ensure efficiency in the mines by optimizing cost profiles.
Mr Sikamo says mining companies are looking at the numbers to establish the impact of these changes in the financial business models of the businesses.
Government has pegged mineral royalty tax for underground and open cast mining at 9 percent in the revised changes which will result in the revenue loss of K2.3 billion.