Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Zambian mining companies met with the government to resolve differences over a proposed legal change that would potentially give the state a bigger share of its mineral resources.
Draft legislation under consideration in the southern African country’s parliament would enable Zambia to “acquire mining rights for investment by government.” The state would be able to buy a stake in an area before an exploration license was granted, and retain it after a discovery was made and the site developed.
That plan is opposed by the Zambia Chamber of Mines, whose members include units of First Quantum Minerals Ltd. and Barrick Gold Corp. Earlier in the week, the chamber said that in its current form, the new law would introduce “unaccountable and arbitrary” decision making.
The chamber met with Zambia’s Mines Ministry on Friday in the capital, Lusaka, to “reach an amicable settlement” on the contested clause. “The parties have developed a roadmap for the resolution of the matter within the shortest period of time,” they said in a joint statement.
The chamber also criticized plans outlined last month by Mines Minister Paul Kabuswe for the government to set up a state-owned firm to control at least 30% of the output of critical minerals, including copper, from future mines. Zambia, Africa’s second-biggest copper producer, is targeting a fourfold increase in output of the metal by early next decade.
(By William Clowes and Taonga Mitimingi)
3 Comments
Geoffrey Miti
This the only way Zambians will benefit from the mines we can’t just be a mining ground without a stake of what is happening in our country 30% is good got us .
Francis
The plan to increase 30% stake in all new mines in Zambia is commendable. The country needs to get tangible benefits from it’s resources by sharing in the profits and not just taxes which are usually circumvented.
Andy
We need to own our mines, we’re tired of companies owning our mines which we don’t benefit from and no meaning development where these resources or minerals are mined,we need at least 60:or 70% in every Zambia mine,so we can stop IMF influence and stop the borrowing instead,we the very resources not from outside influence economically