FLASHBACK: Mines Minister Maxwell Mwale hugs investors in the mining sector from China

A Government official has revealed the underlying reason behind Government’s decision to scrap off the windfall tax in the mining sector.

Deputy Minister in the ministry of Mines, Boniface Nkata says if Government had continued to charge windfall tax on excess profits in the mining sector amid the Global financial crisis the affairs of the country would have become ungovernable.

He said the pulling out of most foreign mining firms from the mines created a lot of job losses which created tension in the country which, he stressed, was almost going to lead to a vote of no confidence by the Zambians in the incumbent Government.

In an overheard conversation with fellow government official, Mr Nkhata explained that government had predicted a situation where people would have been up against government because of the loss of jobs and thereby advantaging the opposition over the ruling party.

He said that the opposition parties had also contributed to inciting people to rise against Government.

He said that Government feared a situation where an early election would be called because of failure by Government to Govern the Country through its strategic revenue earner the mines.

Mr Nkhata said that after the abolition of the windfall tax, Government has been able to  restore jobs that were lost following the closure of most mines.

He added that the issue of windfall tax raises so much dust and disturbances in the Governance of the country and that Government would not consider re-introducing it.

QFM

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70 COMMENTS

  1. I feel they should now re-look into the issue of the windfall tax cos the copper prices have now surged.But then we have to conpare our tax regime to that of other competitors like Argentina,DRC and others and analyse the pros and cons of Variable Tax and windfall tax regimes.

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  2. This is the most lame excuse I have ever heard. It’s all about the survival of MMD period. What jobs have you saved Mr Nkata when most miners have been retrenched people & hired miners as casual workers so that they can maximise profits. We should be one of a kind in Africa. Zambia is the only country I know where foreign investors enjoy more rights than citizens. What’s even sickening is that it is so easy to set-up an operation in Zed as a foreign & as soon as you make your profit you can book out. What a shame.

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  3. But how shall Zedian citizens and GRZ, govern themselves?in situations of monetary

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  4. Its not about governance, its the ‘kandile’ syndrome at work here. Its clear that those in power despite their education and the many degrees that they possess lack practical knowledge about economics and governance. They would rather protect themselves and their families than the people whose mandate has given them the power to rule. Very african, Soemthing ought to be done and done quick!

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  5. What are the current tax rates in Zambia today? How will the government sustain its economy if money flows out like water in the Zambezi river? Does Zambia have any reinvestment agreements with the so called investors in terms of % of the profits?

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  6. This Century…. We are becoming lesser by the day! Our communication – Wireless. Our youth – Jobless. Our degrees – Useless. Our attitude – Careless. Our politics – Shameless. Our arguments – Baseless. Our Job – Thankless. Our Salary – Meaningless

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  7. Get over it because its time for serious economic diversification and not over dependance on copper.

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  8. Thanks to China, Copper prices have surged upward. But if Zambia still intends to deport Chinese, Indians and Lebanese, i doubt China will support this industry by buying Copper from Zambia.

    They’ll probably shun your copper, buy up Chile’s copper instead and let you sell yours to white middlemen (loan sharks) at a give away price who will in turn trade the product with china at market prices.

    Almost like the diamonds from Ivory Coast.

    Africans just can see that you should never bite the hand that feeds. Instead, you should be encouraging it to feed more so that they never leave but develop the industry for you.

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  9. In evidence of some historic commodity price votility and the threat of Macroeconomic Imbalances our years of dependance on copper has brought on the country, its time for economic diversification. Deafeningly ignoring all whinners and whippers its time for leadership in institution of structural reforms to diversify and modernize the economy through economic ideal generation if we have to enhance competitiveness, promote trade, to accelerate growth and to reduce poverty with real wealth opportunities for all.

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  10. The Global financial criss is over.Please as Zambians we need to benefit from our resources.Think twice and put our interest first and not remaining in power

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  11. Minister Nkata should resign. He has admitted that he cannot even tax the mines.

    The argument he puts forward, that the foreign mining companies cannot be taxed or else they leave, and cause job losses which will destabilize the country, only proves that the mines should never have been put in foreign hands.

    Let them leave. If the minister does not have the guts to face down the mining companies, he should resign immediately, for incompetence.

    His argument proves one thing:

    1) That the mines which are in foreign hands cannot be taxed
    2) That therefore they must revert back into Zambian hands
    3) That this government is so incompetent that they do not know how to create 58,000 jobs outside of the mining industry

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  12. (Continued…)

    4) They are either too corrupt or cowardly to tax foreigners.

    My bet is on corruption. They had of course no problem with shifting the entire tax burdon onto the Zambian worker and off foreign corporations.

    And the next party in government has to let go of profit based taxation, and move on to revenues/turnover based taxation, because that is much harder to evade. Corporations can always hide their profits, but it is much more difficult to hide the trucks of ore leaving the mines. Tax those, and raise taxes from 3% to 20%, and Zambia will FINALLY start to benefit from the mines.

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  13. 13 John James,

    ” Africans just can see that you should never bite the hand that feeds.”

    Are you saying that Africans are dogs? Also, who is this hand feeding? Not the country, or the revenue collectors. They are only feeding the corrupt MMD politicians, with I estimate $100 million per year.

    That is why you get all these ridiculous stories about why the mines shouldn’t be taxed.

    It is time for new leadership – the PF-UPND Pact.

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  14. 12 Senior Citizen ” Get over it because its time for serious economic diversification and not over dependance on copper. ”

    That is the very point of heavy taxation of the mines. The only way Zambia CAN diversify it’s economy is by taxing the mines for at least $1.2 billion per year, every year. That is the only way that enough money will be available to grow agriculture, manufacturing and infrastructure.

    The alternative is that:

    a) The government borrows, which undermines the Zambian currency and the Zambian citizen’s purchasing power through inflation or
    b) Invite foreign corporations to own parts of Zambia by having them supply the money, which again means they can leave whenever they want to and destroy the economy.

    Heavy taxation of the mines is the only way forward.

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  15. #18(MrK)
    Are you still convinced that the Pact will be there until 2011 elections?Did you hear Sata and kakoma speak on Phoenix’s Face The Media program? If so shade more light how it will survive up to the elections.

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  16. In my opinion I think Zambia must be in the manufacturing industry, rather than more in mining, then if there be mining then manufacturing should be more prominent , the reasons being that if we manufactured, we have not less than eight countries which would be able to buy our finished goods

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  17. Mining of copper is good but will not last long, if our govt promoted farming and farm products, Zambia could florish and there would be no one sturving. now the mined copper in its raw form you cannot create more jobs, but if you process copper into finished products you would have created more jobs needed by Zambians. unfortunately our govt cannot even manage to tax reasonably to retain some income for the nation

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  18. # 13 dreamer! You dont sell copper like that. Its always sold at LME price. You can get it chepaer mu tutemba, i,.non LME registered small smelters which are not so many in Zambia. The chinese are hard core criminals, they cant leave. They want to control the process from extraction, smelting , marketing and even consumption. They built TAZARA, own mines and have a bvery big semelter in Zambia and a ready market in China. So they are in Zambia to stay no matter what we say. They mean business
    [-x

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  19. Sharp-shooter
    The PACT will be 1 yr old nxt month if my memory serves me right.

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  20. i think we shoudn’t be getting someone from the village tghings will not work well what need noew is tro change our politics don’t put your babululu benu mubuteko tihngs will never change like this. Our nation is not kantemba you take people from farms and give them ministerial post thing will be always worse.

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  21. In the words of President Zuma: Mshini Wami.

    21 nshilimubemba, ” In my opinion I think Zambia must be in the manufacturing industry, rather than more in mining ”

    The question is – where will the money come from? Either foreign corporations bring money, but then they will also take out much more than they will bring (profits); the government borrows, which means that every single citizen pays for it through inflation and taxation; or we tax the mines, which are right now taking $2.5 billion or more out of the country in profits.

    The last option is the only reasonable one, if the objective is to develop the Zambian economy. The first two options mainly take money out of the economy, either permanently (foreign businesses) or temporarily (taxation inflation).

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  22. We all know that the average Zambian does not benefit from foreign-run mines. The govt does not think about the average Zambian though, I’m afraid – I agree with #17.

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  23. Good Evening

    I tend to agree with #5 Mutunza. The object of most African government policies is to ensure that power stays where it has always been. That is why you find that the highest military ranks and ministerial positions are handed to men who are moderate and easily controlled – political stooges if you like. Everything is done to ensure that accredited heirs of the ruling party capture power and thereby safeguard economic and military interests of their forerunners. Just look at Kenyan and Nigerian politics.

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  24. How nations develop, it is by bringing new ideas forward rather than never think of anything, to take us out of this mess we are in as a nation. we are so relaxed so much so that we think, some chinese from some where will prop up our economy;; that is very far from a fact they have their own people to think of

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  25. When I came to Zambia I learnt that Zambians are great people who are self mortivated to do great things,, but they are being let down by the gorverning powers who are in the forefront frustrating those who have ideas to develop the nation, by investing in Zambia, they make it almost imposible for you to acguire land for any project you have in mind

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  26. Zambians have as individuals done alot eg those houses they have put up those small businesses they have set up if they were give chance by banks to get loans.. Iam sure some of them might have oppened up some industries eg danlop, pineaple canery in Mwinilunga and others the woodfactories. we are blessed with somuch timber, to mantion only a few ,

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  27. Reading such comments from our so called ministers makes me sick. Foreign investors should be taxed, as is done everywhere, and that is the only way the economy can diversify in a sustainable manner. Windfall taxes are revenue taxes based on the copper prices exceeding a certain threshhold. There was is no reason to scrap a tax like that unless there is corruption involved. Just this week I was reading that Zimbabwe was targetting to earn $180m from mineral exports, and yet Zambia exports in excess of $4 billion on copper alone. Out of this Government receives less than $100million as tax on profits. And so far it is only Kansanshi and Bwanmukubwa mines that declare profit taxes.The other mines claim to be making tax losses despite their accounting profits. Honestly, how can we allow this?

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  28. Why do some people start their posts with “Good morning” Good evening” and “Good afternoon”? It`s irritating!%-(

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  29. How can we develop when the elected GRZ is being insulted left right and center depite improving GDP figures and the presido being there for just more than 2 yrs. If all zambians Say right, this GRZ is elected, they in for so much yrs weather we like it or not, lets all put our heads together and develop the nation, not supporting some Red card stupidity from power hungry lunatic nutcases who will stop at nothing do or die zambia. We all know Zambias electorate is mostly unlearned. They will listen to any lies, expecting free everything. Distracting GRZ from working is not the solution to development. We are taking freedom of speach to extremes.Supporting a complete failure like sata who intends to chase the chinese who are keeping Zambia aflot is astounding and reckles thinking.

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  30. The following have been my observations and thus comes my giving up on blogging here for a while. For as long as the majority remains ignorant, then we are an ignorant nation and might as well accept that we can talk all we want and still head nowhere. While some will defend even the most ridiculous acts of theft, others have expectations so low that we might as well give up. See a State too is a competing institution; we compete with other states in the goals we set for ourselves. So the notion that we will one day attain development is as farfetched as the idea that we will one day fly to the moon. Maybe I have been wrong for condemning the self righteous ‘Christians’, not because they are right, but because of how little they have.

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  31. It must be soothing to have the hope that suffering on earth might be rewarded some day in a place called heaven, irrational as it may be. Still, we are at the mercy of other nations and at the mercy of terrible leadership no matter how much we argue about whom next should audition for President, based on who is less likely to retard progress. If I was a betting man, I would bet on the country that I call my own, to continue to be corrupt, impoverished, and directionless for many years to come. For we are a nation divided, thus fertile grounds for another 20 years of exploitation. If I were I betting man, I would bet on next year’s elections ushering in a wave of new beneficiaries with the same old practices and some old beneficiaries under new party names.

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  32. Youthful Citizen
    You are right that we have massive fissures mostly along tribal lines. the main problem is this democracy has gone to peoples heads. Western democracy is indeed a double edged sward for Africans. If an elected goveremnt has five yrs mandate, the opposition sepends five yrs distracing the goverment in trench warfare of political accusations and allegations and downright lies regardless of performance. It seems a one MC sata was brought on this earth to do just that. For the past 15 yrs the man has been doing nothing but tirelessly distracting the working goverment from delivering development. I suppose that is the way of the world.Hopfully with the passing of the old gaurd, a new generation of young educated servants of the pipo shall emerge to lead. God bless zambia

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  33. 26 MrK, please answer #20 Sharpshooter. There are many of us who are interested in the future of the PACT after the comments by Mr Sata. You see most of the theories about change and Zambia’s salvation have been premised on the success of the PACT, so tell us whitherto those theories?

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  34. Smart move…ha ha..with Australia introducing a similar super-profits tax on mining companies.

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  35. to be honest with you country men and women this deputy is not worth to be a minister or even an MP. what a lame excuse. with or without windfall tax those mines could have pulled out if copper prices went down further. What we need as Zambia is to come up with a Tax system that is fair where the GRZ and companies can benefit. this MMD is doing nothing. ‘fear of the opposition’ what a joke

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  36. Chinese ain’t criminals but our laws are criminal. I have Chinese friends here and non of them seem criminal to me. our stupid laws are criminal because they do not protect the rights of citizens but that of foreigners. If we had laws that protect each person fairly regardless of who, what he or she is ,you were going to understand that these people are not criminal. our f*cked up laws are criminal. we all have seen it in Zambia where musungu ni musungu sankala pa line even RB knows this fact. If zambia is rule by the law, you will not understand it. But as long as our law puts more power in our leaders, abuse of power will exist and you will continue to say Chinese are criminal these guys give some share to the RB and guys.

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  37. Here is an excerpt from the Monitor and Digest Zambia

    12, 000 jobs lost in mining sector – Dr. Musokotwane

    FINANACE and National Planning Minister Dr. Situmbeko Musokotwane has revealed that about 12, 000 jobs have since been lost following the closure of Luanshya Copper Mine (LCM) and the scaling down of operations at Mopani Copper Mine (MCM).

    And Dr. Musokotwane says the global economic crisis presents African countries an opportunity to re-organise themselves.

    Speaking at a media conference of the International Monetary Fund (IMF) for African Finance Ministers in Washington DC, Dr. Musokotwane said the biggest pain the Zambian government had suffered was the loss of jobs in the mining sector. [tbc

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  38. cont. from #43


    “So far us, really, the biggest pain that we have suffered is in the mining industry where a big number of labour has been shed off,” he said.

    This is contained in a statement released by First Secretary at the Zambian embassy in the United States of America (USA) Ben Kangwa.

    He said the government‘s priority has been to try and save as many jobs as possible particularly in the mining sector.He said government has taken fiscal measures like lowering some taxes in some aspects of the mining sector so that jobs can be saved as outlined in the 2009 national budget.

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  39. cont. from #43

    On the global economic crisis Dr. Musokotwane said the crisis would not last for ever, adding that it presents an opportunity for Africans to reorganise themselves by diversifying their economies and creating conditions for private sector investment.
    [END EXCERPT]

    It is common knowledge that fiscal policy has a faster reaction than monetary policy. It is no wonder that these record lows interest rates by central banks did not bring about a quick reaction. Fiscal policy brings about a quicker reaction. In terms of reintroducing the Windfall Taxes, it should not be a rushed decision as this will affect confidence investors have for Zambia being a prime investment destination.

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  40. cont. from #45

    Re-introducing windfall taxes will affect Zambia’s position as a prime investment destination. Investors need stability and seeing Zambia is an African country, investors are extremely cautious with investing in Africa.

    Over the years, Zambia has received massive investments and investment pledges. South African firms are moving into the nation. Korean businessmen are to invest $130 million US in Zambia (The POST), ZDA recorded close to $1 billion investment pledges in the first quarter. Non Traditional exports are growing with DRC becoming a prime trading partner. Last year trade between DRC and Zambia reached close to $

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  41. cont. from #45

    Re-introducing windfall taxes will affect Zambia’s position as a prime investment destination. Investors need stability and seeing Zambia is an African country, investors are extremely cautious with investing in Africa.

    Over the years, Zambia has received massive investments and investment pledges. South African firms are moving into the nation. Korean businessmen are to invest $130 million US in Zambia (The POST), ZDA recorded close to $1 billion investment pledges in the first quarter. Non Traditional exports are growing with DRC becoming a prime trading partner. Last year trade between DRC and Zambia reached close to $1 billion (US). The MFEZ are soon to be completed and the Nasanga farming block is soon to be completed.

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  42. cont. from #47

    Mulungushi university has opened its doors with Indo-Zambia providing a student loan scheme. Banks are pouring into the nation and many other manufacturers are coming in. Zambia is heading on a path of diversification which could be sidetracked by pronouncements that have the ability to deter investment.

    Most people support the windfall tax because they assume everything will remain constant. They assume the number of jobs will remain constant, the amount of output will remain constant and the amount of re-investment and expansion will remain constant but that is actually unrealistic. What would happen with a rash decision to re-introduce windfall taxes would be job losses with little creation of new jobs, reduced output[tbc

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  43. cont. from #48

    reduced output as it will be more expensive to produce an additional ounce of copper at current level of capital used for production, reduced capital investments as it will be expensive (importing the capital, training and costs of maintenance), reduced new jobs due to limited expansion as unless new cheaper methods of producing copper are introduced, it will not be viable to expand or re-invest in new copper production. And let us not forget reduced investor confidence as investors will view the nation as unpredictable therefore high risk.

    Let us not rush into these things. It must be a calculated decision to arrive at re-introducing windfall taxes. As of now, concentrate on diversification.

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  44. i have to no idea as to why anyone would even think of defending this move by government,im no mmd,pf or upnd but pls someone tell me what and where we are hearding to as a country,.this is just plain day light robbery

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  45. The windfall tax shouldn’t have been removed in the first instance especially that it was some form of ‘passive’ tax that kicked in only after a certain level of revenue. Now re introducing it will unsettle investors. The government should introduce favorable tax breaks for companies employing above a certain number, say 5,000+ employees, and paying a minimum salary, say USD1,000/month. These employees will spend their money on family, schools, social amenities etc such that the revenue lost from tax will be recouped through the employees’ spending power. This is what has been going on in the west of Germany with DSK (Deutsch Stein-Kohle) for the past two decades or so.

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  46. In addition to economic reforms, the political system needs to be looked at too. Why not allow political parties replace a dead MP and allow MPs that cross the bench to stay on until the next elections. This will save us lots of money and avoid the current situation where civil servants have not been paid due to alleged misappropriation of funds for bye elections.

    Stable economic and political systems go hand in hand.

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  47. Incetives for foreigne! What for? Thats why we dont have genuine investors. I dont believe in incentives in perpetuity. If Zambia has what it takes a serious investor will stay and continue his business without incentives. The current situation is unsustainable. Let the Government remove some of the incentives so that we remain with really serious investors. The current ones are just here to steal from Zambian people..

    For Zambia to grow and record sustainable economic growth incentives should be given to Zambian citizens.Why? The locals are sleepy and do not have strong business accumen. Incentives,as a pump priming strategy, will unleash their strength to seize abundant business opportunities. Once we build a middle class our economy will be on the path to sustainable economic…

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  48. Mr Capitalist, i have a few questions for you.
    1.Demonstrate how the initial decision to scap the windfall tax saved job because during the economic crisis,copper prices had already fallen below the trigger price.
    2.Is our govt so incompetent that they cant create 12000 jobs?
    3.Is the damage the mining activities are causing to road infrastructure worth the jobs being created?
    4.What percentage are unionised employee costs of the total operational costs?

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  49. With such thinking,with a degree holder as president – but a wholly impotent govt, you wonder why the NCC thought it was being clever?? Short sightedness & lack of ideas are what hold us hostage to our God given natural resources!! The 1st time around, mines (ZCCM) went to ground becoz thick managers thought it profitable to shut down PROSPECTING & only exploit the known reserves, hence over time, yields naturally reduced. The same reserves they never bothered to explore, are the ones being exploited today!! To enlighten this chap, even if investors left today, our resource will still gain value over time, & they will still want it – they naturally will make noise & threaten to leave, so what? We shud have diversified to Agriculture & Tourism from last time around, dis wat u get from mmd!!

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  50. Look to what Australia is doing – NO FEAR!!! Yes the miners are making noise & threatening to leave, which they may do , BUT ONLY BECOZ THERE PLACES LIKE ZAMBIA TO GO TO where Govt is SO IMPOTENT & FEARFUL of its Investors to lift a finger!!! This is not a shame but a disgrace of the worst order!!! Mines in Australia are in order of 70% foreign ownership, but there only so few places on earth where this resources are found in abundance. As for the Chinese, of all their sources, we are still the cheapest, even if we slapped them with taxes. For them A CONTINOUS FLOW OF RESOURCES, IS A CASE OF STATE SECURITY – thats how serious they want the resources!!

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  51. Musokotwane is incompetent

    Who is he ? finance and national planning Minister….. AND former director of the board of zccm-ih !!! as Nkhata

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  52. Read comments of Ken Ramoutar Seecharran, a mining expert, on his blog scribd.com (he wrote Luanshya report in September 2009)

    “….THE INEPTITUDE OF THE GOVERNMENT’s INTELLIGENCE (ZCCM-IH), COULD NOT DECIPHER WHAT WAS GOING ON, DESPITE HAVING A FULLY-FLEDGED MINING PROFESSIONAL WITH A SEAT ON THE BOARD…….. AND THEY REMAINED IN THEIR HEIGHTENED STATE OF SOMNOLENCE, STYMIED BY THE RHETORIC OF THEIR PAYMASTER, TO WHICH THEY SLOVENLY AND OBSEQUIOUSLY CONDESCENDED, IN AN ATTEMPT TO PORTRAY THAT FALSE SUPERCILIOUSNESS, WHILE THE MINE COLLAPSED BEFORE THEIR INCOMPETENT EYES. A MODERN DAY EXAMPLE OF “NERO FIDDLING….AS ROME BURNED”, SAFELY ENSCONCED IN THEIR ZCCM-IH IVORY TOWER….”

    We need make a clean sweep !!

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  53. ” FLASHBACK: Mines Minister Maxwell Mwale hugs investors in the mining sector from China ”

    Question: why is the mines minister hugging the Chinese delegation?

    MikeTe,

    I think the entire ZCCM-IH needs to be investigated. I think it could well be a clearing house for the bribes that foreign miners pay to the MMD. Al lot of it’s directors are singing the mining companies song.

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  54. the have the guts to wave windfall tax but they dont have the balls to revisit PAYE.whose Benefiting investors ar the poor zambians.

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  55. This article is hearsay. It is not Govt official explanation, even if it contains some truth. Can anyone hold RB to explain this article? RB as Head of State knows why he directed that windfall tax be removed. Ask him to tell the nation. Let him explain to those who voted him into power. Then judge him if he made the right decision.

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  56. Do we have ECONOMISTS pa Zed zoooona. on a 2nd thought even if we had RB would never listen to them. Oh i forgot he is an economist too. EISH…..katwishi:-??

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  57. This is very stupid indeed from this GRZ official. Does he understand winfall tax and later on global economic melt down? Why ukusankanye fintu in order to confuse people? Windfall taxes were mated on excessive profits which mining firms were making due to hig copper prices. Tell me how can a person making super normal profits run away. The economic melt down brought down the copper prices and it was evident that windfall taxes should be suspended and not done away with completely as the fall in copper prices was not permanent as can be seen right now. The problem with these MMD GRZ gvt of fools is that they do everything for political survival. They had rather make a wrong decision as long as it helps them staty in power its okay no matter how negative on the lives of the people they lead

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  58. # 59

    MrK,

    “…I think the entire ZCCM-IH needs to be investigated. I think it could well be a clearing house for the bribes that foreign miners pay to the MMD…”

    You are certainly right otherwise why

    the annual reports and accounts for 2006 are NOT published

    the annual reports and accounts for 2007 are NOT published

    the annual reports and accounts for 2008 are NOT published

    the annual reports and accounts for 2009 are NOT published

    What does the government hide us ??? 🙁

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  59. 64 MikeTe,

    From the ZCCM-IH website:

    News/Tenders
    DELAY IN PUBLICATION OF 2006, 2007 AND 2008 ANNUAL REPORTS

    Further to our message of 8 January 2010 concerning the delay of the publication of Annual Accounts for the financial years ended 30 June 2006, 2007, and 2008, we hereby inform all Shareholders and Stakeholders that the audit of the Financial Statements for the year ended 30 June 2008 is still in progress and remaining with completion of audit of our subsidiaries, Ndola Lime Company Limited and Maamba Collieries Limited.

    We kindly remind you that while the Annual Reports for 2006 and 2007 have been approved by the Board, their presentation at an AGM and subsequent issuance awaits completion of audit of financial statements for the year to 30 June 2008.

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  60. (Continued…) The Board’s decision to issue the three reports simultaneously arises from *the need to reduce costs* resulting from undertaking subsequent events review for each year separately.

    An update on the state of completion of the Accounts will be issued again in the next four weeks (or earlier) following the date of this statement.

    ZCCM-IH Management sincerely regrets the delay in the publication of the afore-said Annual Reports and appreciates your understanding in this matter.

    C CHABALA

    ACTING COMPANY SECRETARY
    24 FEBRUARY 2010
    LUSAKA.

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  61. the answer to all these cries is Change. Change is powerful. without change is like that man sitting a rut.he believes that all is well when is not well because he is used to the current status of things around him.

    What a shame!!!

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  62. … “opposition incite people”, “vote of no confidence” … what can I say, people are waking up by the day and they can see through non-sense, even without the Freedom of Information act. They will rise up with or without opposition – FYI, they are the opposition, not the sheep to be sent to slaughter. If government can just do the job they have been tasked, people will not rise up.

    So let me understand this, it’s ok for outsiders to come and ravage our land, deplete our NON-RENEWABLE resources and leave us bone-dry, but it’s NOT ok for citizens to speak out.
    Please help me out here. :-w

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  63. # 65 – 66, MrK

    An update on the state of completion of the Accounts will be issued again in the next four weeks (or earlier) following the date of this statement.

    11 weeks and nothing…

    Moreover accounts and annual reports have seemed to be delayed many times

    publication before the next presidential election ?!

    dangerous for the govt…

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  64. So, if i get this artical right, our government took the coward way out because it feared it would have our vote in the next election if investors had left after the introduction of windfall tax? what i senseless reason to give. Imagine if KK and the other freedom fighters never fought for our independence because they were scared the write man would leave. Unless if when the mining contrators leave they will carry the mines with them which off course can never happen. our government is telling us that “we your government have no strategy on how to run this country and as long as we have the mining companies which you are not benifiting from but here of how well the copper is doing on the stock market and as long they can pay you those peanuts you call salaries we have done our job”.

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