By Alfred Tembo in Zambia – Director of the annual Copperbelt Mining Trade Expo & Conference (CBM-TEC) Nicole Smith, says Zambia is an attractive mining destination which enjoys overwhelming support from government.
In a statement Smith stated that despite metal prices hitting a five and half year low this year, the country’s mining industry received a relief through royalty tax rate alteration, which saw the industry floating at a par level, for business to continue without extensive constraints.
“Earlier forecasts indicated that mining volumes could continue to increase at around 15% annually through to 2016, but this was before metal prices hit five and a half year lows earlier this year, negatively affecting over half of Zambia’s copper producers.
“Some relief has been felt with the setting of the royalty tax rate for open cast and underground mining at 9% by the Zambian government, reversing earlier plans to charge as much as 20%, which has sent a good signal to investors.
“We remain convinced that Zambia is an attractive mining destination with good support and participation from government who has shown an understanding of the needs of investors and operators,” said Smith.
He said through the annual Copperbelt Mining Trade Expo & Conference (CBM-TEC), the country has created a platform to stimulate trade in the mining and industrial sectors on the Copperbelt province, which also assist decision makers and professionals to network, exchange ideas, share information and develop last partnerships.
Smith further said dwindling economy is pointing at an opening for mining companies to continue investing in finding cost effective solutions to maximise production, through extensive use of new technologies, ranging from new equipment, machinery, systems and services amid attempt to meet business needs.
Speaking ahead of the third edition of Copperbelt Mining Trade Expo & Conference (CBM-TEC), billed for Kitwe Showgrounds from 12-13 May 2016, Smith said the event projects to attract over 110 exhibitors, more than 1500 visitors, in excess of 100 conference delegates and host to 40 plus top industry speakers during the two-day period.
The premier mining oriented annual event allows for exhibitors to showcase large equipment and provide product demonstrations and for more technical workshops among other initiatives.