• Business model as medicine

    Revisiting your business model is a useful way to revive your business, says Ian Mann.

  • No sugar-coated pill

    The cost of uninformed medical consent runs into billions, says Mandi Smallhorne.

  • Greek tragedy

    Athens' relations with the EU was an accident waiting to happen, says Leopold Scholtz.

See More

Zambia again halts new mining licences

Oct 20 2011 17:36 Reuters & Sapa-AFP

Related Articles

Zambia reverses FirstRand purchase

Standard in Zambian mine loan deal

Zambia lifts metals ban after two days

FirstRand's Zambian deal terminated

Zambian miners welcome ban reversal

Watchdogs give go-ahead for Metorex sale

Lusaka - Zambia has suspended the issuance of new mining licences to root out potential corruption and "clean up" the process, the mines minister in Africa's top copper producer said on Thursday.

"My ministry has with immediate effect and until further notice suspended the issuance of new applications, renewal and transfer of mining and non-mining rights," Wylbur Simuusa said at a media briefing.

"During the suspension period, there will be an audit and clean-up of all mining and non-mining rights."

Earlier this month Zambia imposed and then hastily lifted a temporary ban on metal exports while it drafted new guidelines.

Zambia's long-time opposition leader Michael Sata won election in the southern African country a month ago on a populist platform, with criticisms of foreign investors and promises to fight corruption.

Simuusa said the current issuing process was inefficient.

"I've also observed irregularities, litigation and allegations bordering on corruption," he said.

Simuusa said last week that Zambia will negotiate larger stakes in projects with foreign mining firms. It plans to revamp tax collection to improve transparency and maximize benefits for itself.

The existing tax collection process is difficult to administer and its revision would lead to greater tax compliance by the mines, he has said.

Foreign mining companies operating in Zambia include Canada's First Quantum Minerals , London-listed Vedanta Resources, Glencore International, Barrick Gold, Brazil's Vale and Metorex of South Africa.
michael sata  |  mining rights  |  zambia


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The total fuel levy of 80.5c a litre announced in the budget:

Previous results · Suggest a vote