KCM says current mining taxes are adequate

Konkola Copper Mines- KCM says that Windfall taxes have the capacity to distort the country’s economy and suffocate mining companies.

KCM Board Member JACOB MWANZA says the taxes, if implemented, can only collect increased government revenue for
a short period of time.

Dr MWANZA says this revenue can distort the economy because it is money which is not budgeted for.

He told a media briefing in Lusaka today that current mining taxes are adequate.

He added that the windfall taxes are not widely used in major copper producing countries such as Chile and Australia.

And KCM Chief Executive Officer KISHORE KUMAR said the mines want clearly agreed taxes which will increase investment in the country.

Meanwhile, Mr KUMAR says KCM decided to start by listing on the London Stock Exchange before listing on the Lusaka Stock Exchange because of the increased liquidity on the London market.

He said the company will soon list on the Lusaka Stock Exchange.

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