• Change of culture needed

    The right leadership will help SA shed its culture of violence, says Mandi Smallhorne.

  • 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

Loading...
See More

Zambian miners welcome ban reversal

Oct 07 2011 17:21 Sapa-DPA

Related Articles

Zambia lifts metals ban after two days

Zambia reverses FirstRand purchase

Standard in Zambian mine loan deal

Obey rules, Zambian leader tells China

ZCI to report a loss

Watchdogs give go-ahead for Metorex sale

 
Lusaka -  The Zambian Chamber of Mines said on Friday it welcomed the lifting of a ban ordered this week by the government on metal exports.

Zambian President Michael Sata, who was elected to office in September, had ordered the ban to be in place until October 15, as part of efforts to fight corruption and boost tax revenue collection in Africa's largest copper producer.

However, on Thursday, just two days after the announcement, the government reversed its stance.

"We welcome the lifting of the suspension because the way it was initially, it was too long and if it was left like that, it definitely was going to hurt mining companies," Chamber of Mines general manager Frederick Bantubonse told DPA.

The government wanted the ban to give it time to put new export regulations in place, but it appeared it would take longer than a week to draw up the plans, and concern mounted that the vital mining sector would be damaged.

Mining accounts for more than three-quarters of Zambia's export earnings.

It is expected that once the new measures are in place, exports by the mining companies will have to receive certification from the central bank, in a move to boost transparency.

Zambia's new leader, nicknamed King Cobra for his often abrasive manner, has shaken things up quickly since taking office. He fired the central bank chief, replaced the anti-corruption agency top official and announced major changes within the police and parastatal companies.

Considered by some to be a populist, Sata ran on a platform of job creation and ending corruption.
michael sata  |  zambia  |  mining

 
 
 

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
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

20 self-made teenage millionaires

From selling lemonade to building webpages, these young entrepreneurs made a pretty fortune!

 
 

Luxury living

Top 10 richest musicians of all time
10 most expensive cars In the world
10 of the most expensive things that will leave your jaw hanging!
Seven of the most expensive children's toys ever made

Money Clinic

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

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...