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Monday, July 6, 2020

Open your eyes; copper prices are rising- JCTR tips government

Economy Open your eyes; copper prices are rising- JCTR tips government

Leonard Chiti
Leonard Chiti
The Jesuit Centre for Theological Reflection (JCTR) says the continued steady rise in copper prices on the International market should act as an eye-opener to government not to be coaxed by the Mines to pay less tax.

The price of copper on the international market has risen by about US$500 from last month’s price of US$5500 per metric ton.JCTR Executive Director Leonard Chiti said such improvement in the price of Copper obviously means that Mines will be making profits.

Father Chiti told Qfm News by telephone that the JCTR expects Mines to start paying taxes commensurate to their profits.He said to this effect, he is challenging Mine Houses in the country to be honest and transparent in doing so.

The JCTR Executive Director added that this is also a point at which government should come in to ensure there is honesty and transparency on the part of the mines.

Fr Chiti noted that if government is not proactive, the country will continue getting a raw deal from the mines and the people of Zambia in general will be shortchanged because there will be very little money available to invest in developmental projects.

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9 COMMENTS

  1. What a government.. to be woken up by others but busy organising weekend trips for globe trotting.

  2. What a bunch of clowns these Catholics are! This is the same group as Frank Bwalya who have bestowed this demonic party onto Zambia.

  3. Yes these mining companies knew what will happen ,they are clever indeed wanted to kill the rat . Most of these guys are crooks it was clear to them that this new guy who has come can not manage their tricks. Now who is to blame the president ,the commander in chief they have caught him pants down. Everything signed in red .

  4. UPND, you are so arrogant you live in another world beyond the moon. Your arrogance will take you no were unless you tune down, you will remain irrelevant to the Zambian people .The problem you have is your screaming minds who can accept your pomposity, of course not Zambians.

  5. The only way to stop this nonsense from so called investors in the mines is to make zambians participate in the process. The government, must encourage Zambians claiming to have money to buy these mines and run them. This way the profits will remain and build this country. We have enough local expats who once worked in the mines way back to contribute to that. The land is ours and so if we can capitalise our fellows then we are on thr right path. This issue of tax evasion and unfaithfulness from foregn mine owners is what led KK to nationalise the mines. We Should sell the mines to zambians who will pump in cash. the problems we are having will go! There will be resistant from the World bank and IMF but this is what will save us.

  6. The computations applied seem to be basic and out of touch with concerns of mineral exporting countries. A little bit of calculation is needed to protect all parties, including ZRA and mining companies. When the prices are extremely low, then automatically the levels of taxation must change to protect business and employment. When the prices are extremely high, then the levels of taxation must change to protect ZRA.

  7. so what. miners are already paying corporate tax at 30%, mineral royalty at 9% and between k 2500 to K 20000 pay as you earn from each and every employee in the mines. what more do u want?
    mines should develop by exploring new areas of economic value. our existing mines re nearing the end of their life span and hence the need for horizontal expansion.

  8. Zambia will never benefit from any rise in metal prices.
    The established mines will show that they are still selling copper and cobalt, at the old price (to their middlemen). Binding contracts of sale will be produced. Face it guys…ZAMBIA’s MINERAL WEALTH IS FOR FOREIGNERS!
    Thank god UK took us in. I’m happy to stock supermarket shelves, in a foreign country, with my BSc in Mechanical Engineering….Rather than being exploited/marginalised/insulted by foreign nationals…In my country of birth.

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