UPDATE 2-Zambia to miss additional 2008 copper revenue target

* Weak copper prices hamper plan to reach target

* Governor calls on Zambia to diversify economy

* Global financial crisis to hurt mining investment

* Copper output for nine months of 2008 up 10 pct

(Adds fresh governor's quote, diversification, details)

By Shapi Shacinda

LUSAKA, Nov 19 (Reuters) - Weak copper prices will prevent Zambia from meeting its forecast target of raising additional revenue totalling $415 million from foreign mining firms, central bank governor Caleb Fundanga said on Wednesday.

Zambia had hoped to raise the additional revenue after introducing higher mining taxes on foreign mining companies in April, in a controverisal move opposed by the companies, but which Zambia said at the time was meant to help the poor southern Africa nation make the most of the commodities boom.

Since then, metal prices have tumbled in volatile markets in the wake of the global financial crisis, which has spurred concerns over the slowed growth of the world economy.

"At the current price level, it is not possible to collect those windfall taxes we have been clamouring for," Fundanga told a media briefing.

"The falling prices (copper) will have an impact on government revenue, of most serious consequence is that there will be low GDP (gross domestic product) growth."

Fundanga however, said the reduction would not affect social delivery plans by the government because the $415 million was not included in the 2008 budget.

Zambia has previously said it wants to spend the $415 million on improving education, health services and poverty reduction programmes in a country where 64 percent of the 12 million people live on less than a dollar per day.

Zambia raised mineral royalty to 3.0 percent from the previous 0.6 percent and corporate tax to 30 percent from 25 percent. Zambia also introduced a variable profit tax at 15 percent on taxable income above 8 percent, effectively raising mining taxes to 47 percent from the previous 31.7 percent.

Some of the foreign players in Zambia's copper mines include Swiss firm Glencore International AG GLEN.UL, First Quantum Minerals (FM.TO), London-listed Vedanta Resources Plc (VED.L), Australia's Equinox Minerals Ltd. (EQN.AX) and Chinese firms.