June 24, 2009 / 11:47 AM / 10 years ago

Zambia president says willing to review mine taxes

LUSAKA, June 24 (Reuters) - Zambia President Rupiah Banda said on Wednesday he was willing to review copper mining taxes set last year in Africa’s top producer of the metal, after foreign firms raised objections to the new fiscal regime.

The controversial mining taxes were introduced because of a need to increase spending on infrastructure in the southern African country.

Zambia earlier this year scrapped a 25 percent windfall tax introduced last year under pressure from foreign owners of its copper mines.

The government last year also introduced a new variable profit tax, which effectively raised mining tax to 47 percent from 31 percent, despite industry objections.

“It is the intention of my government to re-engage mining companies through dialogue in resolving any of the outstanding (tax) issues, which may have a risen,” Banda told a news conference.

Reporting by Shapi Shacinda +260-977843609/260-955779523

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