"Zambia's new president says to keep mineral tax despite mine closure fears", 25 Jan 2015

Zambia will maintain a new mineral royalty tax despite fears that it could lead to mine closures, President Edgar Lungu said on Sunday…Africa's second biggest copper producer hiked open pit mining royalties to 20 percent from 6 percent and underground royalties to 8 percent from 6 percent in its 2015 budget, a move mining companies have said could cost 12,000 jobs…The introduction of a mineral royalty in place of a corporate profit-based tax as the final tax is meant to ensure that mines pay the right taxes, [Lungu] said. Lungu said his government wanted to maintain an open dialogue with investors while providing for its citizens…