The Canadian giant had earlier said it would consider such a move in the event the new tax regime was approbed.
There are indications Zambia may be backing away from plans to impose a 20 per cent royalty rate on open pit mining in the country, a top executive with Barrick Gold Corp said on Thursday.
The increased mining tax framework included in Zambia's 2015 Budget earlier this month has been subject to criticism as, according to the Chamber of Mines of Zambia (CMZ), it will reduce the country's attraction for mining investment and reduce employment.
The miner, Zambia's largest foreign investor, operates Kansanshi mine, the eighth largest copper mine in the world, as well as the country's biggest.
Energy and Water Development Minister Christopher Yaluma says security wings have managed to trace some illegal gold miners and dealers on the black market in the ongoing investigations.
Underground mining royalties will go up from 6% to 8%; underground taxes now 20%.
Zambia’s mines minister says the company has not officially communicated the government its intentions as required under the country's law.
The company is cutting 169 jobs at the mine.
The standoff marks a major setback for the miner, which is in the process of upgrading its copper assets in Zambia hoping to increase output by at least 50% by 2017.
The business group argues the sector must be nurtured to generate the revenues needed for the country’s economic diversification.
Rule requiring exporters to produce import certificates from destination countries in order to claim tax refunds will be waived beginning Sept. 8.
Good news for the country's copper miners that have been seeking more than $600 million in unpaid tax refunds.
The European Investment Bank will not make public the findings of a 2-year tax-avoidance investigation into the Swiss giant's Zambian copper operation.
Zambian fiscal regime highly uncertain.
Africa's number two copper exporter seeks IMF assistance.
Mining companies in Zambia use about 68% of the country’s electricity, while less than a quarter of the population has access to it.
It will connect the landlocked country's vast copper mines to the Atlantic coast.
Zambian government wants to talk it over.
Now the duty is on all semi-processed base metals, including copper.
New substation to facilitate reliable power supply to copper mining operation in Zambia.
The dam is key for the supply of water to the company’s Sentinel copper mine and the planned Enterprise nickel project.
Measure is expected to reduce tensions with the Zambian government, which threatened to take over the mine in May.
This is a landmark transaction for Vedanta, which is joining domestic peers in catching the flood of US dollars being unleashed by central banks.
Moves to tighten tax collection and enforcement are a natural accompaniment to more stringent fiscal and local content regimes.
New rules likely to come into force by mid-May.
World’s No. 1 emerald producer hits steepest decline in more than four years.
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