State will not adjust mineral taxes

First Quantum Minerals
First Quantum Minerals

GOVERNMENT has no intention of adjusting mineral taxes on account of falling copper prices on the international market, says Minister of Mines, Energy and Water Development Christopher Yaluma.
Mr Yaluma also says the state will engage Mopani Copper Mines (MCM) on the planned suspension of production by the parent company Glencore.


He said Government cannot adjust mining taxes without consulting key sector players because it wants to maintain and promote consistency in mining policies.
“The ministries of Mines and Finance will maintain the taxes as they are, and we will never change without discussing with sector players and as it is right now, we want to maintain some consistency, which will provide predictability on the return on investments,” Mr Yaluma said.


He said this in an interview with journalists yesterday.
The minister said any changes to the mining tax policy will result in investors losing confidence in the country.


On the planned suspension of mining production in some African countries by Glencore, which owns MCM, Mr Yaluma said Government is concerned about the development and will soon meet the officials from the mining firm to discuss the issue.
“Government is concerned with the announcement and we will meet officials from Mopani Copper Mines, because any suspension will result in job losses,” he said.