Zambia aims to tighten grip on share of mining profits

LONDON – Zambia, Africa’s top copper producer, plans to tighten its grip on the government’s share of profits made at the country’s mines, boosting tax revenue and ensuring a more level playing field for Chinese and other investors.

Investors in miners operating in Zambia, which include Glencore, Indian miner Vedanta and Canadian-listed First Quantum, have fretted over possible increases in taxes under a government elected last year, against the backdrop of a surge of resource nationalism across Africa.

But Vice-President Guy Scott said there were no plans to change the tax code, and that making sure mining companies complied with the existing rules would boost income.

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