World Economy

Resolve Tax Issues

Resolve Tax IssuesResolve Tax Issues

The International Monetary Fund has urged Zambia, Africa’s second-largest copper producer, to quickly resolve issues with mining companies over value-added tax refunds and an increase in royalties. Lower world copper prices and the announced shift to a royalty-only mining tax regime with high rates were likely to adversely affect the companies, Reuters quoted the IMF as saying in a statement late on Thursday. Barrick Gold Corp said on Thursday it would suspend operations at its Lumwana copper mine in Zambia after laws were passed raising the royalty rate on open-pit mining operations to 20 percent from 6 percent.