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Zambia records 98 mln USD tax loss from mines in 2015

Xinhua, April 8, 2016 Adjust font size:

The Zambian government recorded tax losses from the mining industry last year, a company that holds government shares in all mining firms said on Friday.

The Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) said its financial report for the year 2015 recorded a tax loss of 987 million Zambian kwacha (about 98 million U.S. dollars) due to a number of factors.

Pius Kasolo, the company's chief executive officer, told reporters during a press briefing on the sidelines of its annual general meeting that among the factors that led to low performance of the mines include low copper prices on the international market, and a decline in production.

The company, he said, has since embarked on a diversification drive to other sectors such as energy, infrastructure and real estate in order to lessen dependence on copper mining.

The company has already started identifying a number of strategic legacy properties and partners to invest in the various sectors, he added.

ZCCM-IM was the sole owner of the mines in Zambia until after the privatization program, which placed the mines in private firms, but the company retains shares in all the mines on behalf of the government. Endit