KCM HAPPY WITH STATE’S MINING POLICY, SAYS DIN

Mon, 28 Aug 2017 09:47:31 +0000

By Mailesi Banda

THE biggest challenges for any mining operation is the operating environment and the Zambian government has adopted a relatively pragmatic approach to managing the sector’s fiscal and regulatory framework, Konkola Copper Mines chief executive officer Steven Din has said.

Mr Din said while the mining company recognised the challenging commercial conditions for some mining companies and the need for stability in the operating environment, the government had done its part.

According to a press statement availed to the Daily Nation, Mr Din commended the government for the reviews in the mining tax codes.

Mr. Din explained that after several reviews of Zambia’s mining tax codes and regulations, the government introduced a Mineral Royalty Tax in June 2016 linked to copper prices and also removed duties on concentrate imports.

“These reforms, in my view, provide the basis for us to take a long-term view of the industry and to invest with a much higher degree of confidence, I am optimistic that there’s a bright outlook for Zambia’s mining industry,” he said.

He stated that the mine’s operations were self-confident to be in production for the next 50 years.

Mr Din said as a subsidiary of the London-listed diversified natural resources group Vedanta Resources, KCM shares the same set of values as its parent company which is committed to operating as a responsible and sustainable mining company.

“Despite the challenge of producing copper at low enough cost to still be competitive in a tight market, KCM is fortunate enough to have high quality ore bodies and all the necessary processing, smelting and refining technologies to enable it produce world class quality cathodes,” Mr Din said.