No pit is deeper than the Copper Mine Bingham Canyon Mine, also known as the Kennecott Copper Mine,...
Canadian miner could sell Zambian copper mine
Canadian miner Barrick Gold Corporation has an-nounced that Zambia’s proposed tax changes could put its Lumwana copper mine "in a challenging situation", and "imperil the mine’s abil-ity to sustain returns to all stakeholders, such as the significant con-tribution of more than $3.3 billion it has already made to the Zambian economy over the past 10 years."
Willem Jacobs, Barrick’s chief operating officer for Africa and the Mid-dle East, said in a statement that, while reports that the company had sold Lumwana were untrue, "all options would have to be consid-ered", hinting at the mine’s potential sale.
Barrick says that in September 2018, the Zambian authorities intro-duced changes to the country’s mining tax regime which include a 1.5% raise in royalty rates, "the introduction of a 10% royalty on cop-per production if copper price increases above a certain price, the imposition of a 5% import duty on copper concentrates," and the re-placement of the value-added tax (VAT) with a new, non-refundable sales tax.