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PLANNED TAXES TO IMPACT NEGATIVELY ON ZCCM-IH

ZCCM-Investment Holdings (ZCCM-IH) Chief Executive Officer Dr. Pius Kasolo has said the 2019 planned mining taxes would impact negatively on ZCCM-IH which holds shares on behalf of the Government in the mining companies.
Speaking at a media briefing held in Lusaka on Monday 28th January,Dr. Kasolo said that the new taxes would affect investments and production of the mines, hence the need to resolve issues as this could have an impact effect on dividends paid to the holding company.
“At the moment, taxes have not come to fruition but by projection the move will affect ZCCM-IH because we get dividends from the companies.” He said.
Dr Kasolo added that companies such as Lubambe Copper Mine were finding it difficult to raise capital because of uncertainty surrounding the tax regime.
He said Kansanshi Mines was also planning to suspend its South Dome Project, which was expected to increase the mine-life.
Dr Kasolo said it was important that the issue was addressed without affecting production and development of the mining sector.

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