Mining minister Richard Musukwa on Zambia’s new tax regime

Zambia's Minister of Mines, Richard Musukwa, has been engaging with mining companies at the 25th Investing in Africa Mining Indaba in Cape Town to discuss concerns over the country's new tax regime. During an interview with CNBC Africa, Minister Musukwa addressed issues raised by mining companies and highlighted Zambia's commitment to working collaboratively with industry stakeholders to find common ground. One of the key points of contention has been the introduction of new taxes, with some mining companies expressing concerns about the impact on their operations. Minister Musukwa emphasized that the government is in dialogue with various mining houses to address their concerns and provide clarity on the reasoning behind the new tax measures. In response to questions about potential job losses in the mining sector as a result of the new tax regime, Minister Musukwa acknowledged the importance of balancing government revenue initiatives with the need to protect jobs and ensure sustainable mining operations. He highlighted positive developments, such as key mining houses reversing decisions to cut jobs, as a sign of successful collaboration between the government and industry leaders. The Minister also highlighted Zambia's status as a top copper producer and attractive investment destination, with a mining fiscal regime designed to be simple, stable, and predictable. Minister Musukwa expressed gratitude for the overwhelming response from investors at the Mining Indaba, indicating strong interest from both current and prospective investors in Zambia's mining sector. Regarding the sale of a 17% stake in the state-owned mining company, Minister Musukwa confirmed that there have been numerous expressions of interest from potential buyers. While no definitive decisions have been made, the government is considering various proposals and will engage in thorough discussions before finalizing any deals. In conclusion, Minister Musukwa reiterated Zambia's commitment to fostering a collaborative relationship with the mining industry and ensuring a conducive environment for sustainable mining operations. Despite challenges posed by the new tax regime, the government is actively engaging with stakeholders to address concerns and promote continued investment in Zambia's mining sector.