Mining companies operating in Zambia have failed to show how higher taxes introduced this year will affect their profitability despite objecting to the new framework, a senior government official said on Thursday.
The country, Africa’s second-largest copper producer, increased its sliding scale for royalties of 4% to 6% by 1.5 percentage points from January 1 and introduced a new 10% tax when the price of copper exceeds $7 500/t.