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Still The VAT Dossier: First Quantum says Zambia royalty hike will hit investment, jobs
Zambia’s largest foreign investor, Canadianmining group First Quantum Minerals, warned on Tuesday that the country’s decision to raise mining royalties from 2015 would discourage future ventures and hit jobs. The Cabinet will increase underground mining royalties to 8% from 6% from next year as part of an effort to revamp the industry’s tax system, Finance MinisterAlexander Chikwanda said in his 2015 budget speech last week.
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