Zambia withholds $600 million in copper VAT refunds – Yaluma

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copper-rods
copper-rods

LUSAKA, June 24 (Reuters) – Zambia is withholding $600 million in VAT refunds owed to copper mining companies and will repay the cash only when they produce import certificates from destination countries, mining minister Christopher Yaluma said on Tuesday.

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“That money is owed and we will have to pay as long as they fullfill the requirement. It was slightly above $600 million as at the end of May,” Yaluma told reporters on the sidelines of a mining conference in the southern African nation’s capital. (Reporting by Chris Mfula; Editing by Ed Cropley)

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