Loading ...Zambia tax hike to make most mines unprofitable, group says
More than half of the copper mines in Zambia, Africa’s second-biggest producer of the metal, will probably be unprofitable next year with thousands of jobs on the line, as the nation raises taxes for operators, the country’s biggest industry lobby group said.
The effective tax rate will range from 86 percent to 105 percent, with about 27,900 jobs at risk, the Zambia Chamber of Mines said in a statement handed to reporters Thursday in the capital, Lusaka.