la Zambie veut monter à 35 % dans les mines

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ggaultie

Messages: 121

Inscription: Lun 7 Sep 2009 19:01

Message Jeu 13 Oct 2011 09:28

la Zambie veut monter à 35 % dans les mines

By Chris Mfula

LUSAKA (Reuters) - Zambia will negotiate larger stakes in projects with foreign mining firms and plans to revamp tax collection to improve transparency and maximize benefits for itself, the minister of mines said.

Zambians striking over poor pay at Chinese mines returned to work this week after winning a nearly 100 percent pay rise, just over a fortnight after a new president took office on the promise of improving mining conditions.

Long-time opposition leader Michael Sata won election in Africa's top copper producer on September 20 on a populist platform that included criticism of foreign investors and promises to improve the lives of workers.

"We would like to increase our shareholding to at least 35 percent in all the projects, but that will depend on how well we negotiate with the mining firms," Mines Minister Wylbur Simuusa told Reuters in an interview.

Simuusa said the decision to seek a higher stake in the mines did not amount to nationalization of the mining sector in the Southern African country.

"We just want to have more benefits from the mines. There is no cause for apprehension, because nothing will be done without consulting the mining companies," he said late on Wednesday.

Foreign mining companies operating in Zambia include Canada's First Quantum Minerals, London-listed Vedanta Resources Plc, Glencore International Plc, Barrick Gold, Brazil's Vale and Metorex of South Africa.

Simuusa said the existing tax collection mechanism was difficult to administer and its revision would lead to greater tax compliance by the mines.

"We want to introduce a tax collection mechanism based on production or earnings. Under the current system, which is profit-based, some mines have been declaring losses for the last 10 years," Simuusa said.

NEW EXPORT GUIDELINES IN TWO WEEKS

Simuusa said mining companies should cooperate with the government because the new measures were intended to benefit both the country and the investors.

"The future of mining in Zambia is bright and we expect mining to remain the backbone of the economy for the next 50 years," Simuusa said.

New guidelines for metal exports would be announced soon, he said.

"We hope that the new export measures will be in place within two weeks," he said.

President Sata has been concerned -- analysts say with good reason -- that copper exporters are misreporting the amount of ore leaving Zambia. Last week Zambia suspended export permits to put the new guidelines in place.
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mgauthi4

Messages: 4605

Inscription: Dim 6 Sep 2009 20:50

Message Ven 14 Oct 2011 07:28

Re: la Zambie veut monter à 35 % dans les mines

encore

Zambia Eyes Higher Stakes In Copper Mining Projects -Officials

By Nicholas Bariyo & contributing to Dow Jones Newswires;256-75-2624615 bariyonic@yahoo.co.uk

Published October 13, 2011

| Dow Jones Newswires

Zambia, Africa's largest copper mining country, is planning to negotiate increased stakes in copper mining projects as the country's newly elected leader, Michael Sata, continues with efforts to deliver on populist campaign promises, officials said Thursday.

Through its state mining investment company, Zambia Consolidated Copper Mines Investment Holdings, the government is finalizing plans to start negotiations with mining companies aimed at increasing its stakes in projects to as much as 35%, a government official at the ministry of mines and minerals development told Dow Jones Newswires.

"Higher stakes will give government more say in the sector," he said, adding that negotiations will also center on mine development agreements and the fiscal regime.

Currently, ZCCM-IH holds between 10% and 20% of major mine projects across the country.

Since his election last month, Sata, who campaigned on a populist platform with promises to ensure the state gets more from its minerals sector, has introduced a wide range of changes, including exerting more control on mineral exports and pressing companies to increase the wages of miners.

Analysts say the latest move is a pointer towards Sata's efforts to seek greater state control of the sector, which accounts for more than 75% of Zambia's foreign revenue earnings.

Fredrick Bantubonse, director of the Chamber of Mines, told Dow Jones Newswires separately that government hadn't yet approached mining companies over the matter. He said the companies were preparing for talks with the government on a number of other issues.

"We are looking forward towards holding discussions with government," he said.

According to Bantubonse, some of the issues companies want addressed include higher electricity tariffs and development of infrastructure projects that have a direct bearing on mining costs.

Analysts have said Sata's populist policies could hurt investments in the mining sector, which has enjoyed robust growth since 2008.

Mining companies such as Vedanta Resources PLC (VED.LN), First Quantum Minerals Ltd. (FM.T), Glencore International AG (GLEN.LN), Brazi's Vale (VALE) and China Nonferrous Metals Co. (8306.HK) are implementing expansion projects worth $6 billion.

Zambia's annual copper output is poised to hit 2 million tons in the next five years, compared with 820,000 tons produced last year.

Read more: http://www.foxbusiness.com/industries/2 ... z1aexYJQyB

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