By Nawa Mutumweno – Zambia’s Ministry of Finance has signed a Statutory Instrument No.33 of 2012) which prohibits the quoting, paying or demanding to be paid or receiving foreign currency as legal tender for goods, services or any other domestic transactions. The SI was signed by the Minister of Finance, Alexander Chikwanda on May 7 and it became effective on May 18, 2012. The objective of the Statutory Instrument No. 33 is to reinforce the use of the Kwacha (ZMK), which is Zambia’s legal tender, in domestic transactions in line with the practice in other countries. ‘’The Zambian economy experienced distortions... Continue Reading
Publish Date: Thursday, July 19th 2012 |
By Nawa Mutumweno – MTN and African Life Assurance Zambia have introduced MTN Life after Life, a unique Life Assurance product that enables a policy holder to cover their Life at a Micro-Insurance level using MTN airtime as the method of payment. This initiative allows every Zambian who has an MTN line to have Life Assurance at an extremely low cost. From as low as ZMK1 500 a month, the family of the policy holder can receive a level of financial support should a tragedy occur. ‘’MTN and African Life Assurance Zambia believe this is an important step in providing... Continue Reading
Publish Date: Thursday, July 19th 2012 |
By Nawa Mutumweno – Zambia’s tax revenues from copper mining has leaped by 46% to ZMK35 billion per month following the doubled mineral royalties which came into effect in April this year. According to Finance deputy minister Miles Sampa, the government’s move to resist calls for 25% windfall tax and instead embrace the mineral royalties have started bearing fruit. ‘’The government has managed to obtain ZMK35 billion more from the mines due to the increase in mineral royalty tax and that represents an increase of 46% per month. The mineral royalty was definitely the better way to go because as... Continue Reading
Publish Date: Tuesday, July 17th 2012 |
By Nawa Mutumweno – Government has introduced regulations that compel mining firms to provide information on tonnage, type and grade of ore mined including operating cost sheet and production figures to contribute revenue to the Treasury. According to Statutory Instrument No. 34 of 2012, mining companies would be required to submit reports on the recovery percentages and efficiency of all mining and metallurgical processes and balance sheet showing the disposition of all metal and mineral products derived from the ore reserves. Providing a statement of work carried out on capital products and expenditure and availing quantities and grade of end... Continue Reading
Publish Date: Sunday, July 15th 2012 |
By Nawa Mutumweno – Mopani Copper Mines (MCM) is to spend $1.5 billion on a new copper project that would extend the life of its Nkana and Mufulira operations beyond 30 years. According to the company’s chief executive officer Danny Callow, the Glencore International Plc majority-owned firm, was finalising a feasibility study which could facilitate the spending of an outlay up to $1.5 bn into another copper project. If the feasibility study proves viable, the investment would be in two new ultra deep shafts and modern copper processing plants, which would enable MCM double its underground production of copper to... Continue Reading
Publish Date: Sunday, July 15th 2012 |
