• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
See More

Zambia lifts metals ban after two days

Oct 06 2011 15:18
Lusaka - Zambia has lifted a ban on metal exports just two days after imposing it to sort out irregularities and increase transparency in Africa’s top copper producer, a minerals ministry official said on Thursday.

Newly-elected President Michael Sata has been concerned - analysts say with good reason - about copper exporters misreporting the amount of ore leaving Zambia, and earlier this week suspended export permits to put new guidelines in place.

Sata already said last week that all export payments would need to be routed via the central bank.

“The suspension has been lifted. The job has been done. We don’t need 10 years to do the job,” mines permanent secretary Godwin Beene told Reuters.

The ministry initially said it would need until October 16 to put new measures in place, but miners were able to resume shipments on Thursday.

“Correct, the mines started loading our trucks again,” a logistics source said.

Details of the new prodecures were not immediately clear.
“The new measures will come into effect when the Bank of Zambia is ready. For now the exports will continue to be guided by the existing Mines and Minerals Development Act,” Beene said.

While miners said they were taking a wait-and-see approach, analysts said some of the drastic moves imposed by Sata’s government which swept into power last week may unnerve investors.

Sata quickly moved against the policies of the previous administration, whose Movement for Multi-party Democracy (MMD) had ruled the country for 20 years.
Copper producers operating in the country include Canada’s First Quantum Minerals, London-listed Vedanta Resources, Glencore International and Metorex of South Africa.

Copper accounts for three-quarters of Zambia’s export earnings but the mining industry contributes only about 10% of tax revenue.

Data show much of the exported copper is destined for Switzerland but little of it shows up in Swiss customs figures, raising questions about transparency.
copper  |  zambia  |  ban



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
Comments have been closed for this article.

Company Snapshot

We're talking about:


Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.

Money Clinic

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

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote