Konkola Copper Mines stops operations on tax concerns

Konkola Copper Mines PLC workers wait in a lift before going to work underground in Konkola. [Photo: Reuters]

LUSAKA - Zambia’s Konkola Copper Mines (KCM), majority owned by Vedanta Resources, suspended operations at its Nchanga mine following the introduction of an import duty on copper concentrates, the company said.

Zambia, Africa’s No.2 copper producer, introduced new mining duties, increased royalties and plans to replace Value Added Tax (VAT) with a sales tax by April to help bring down mounting debt.