Copper producers are ready to start expansion projects worth $2 billion in Zambia next year, if the industry can reach an agreement on royalties with president-elect Hakainde Hichilema’s new administration.
Companies including First Quantum Minerals and EMR Capital are ready to raise funding for the projects, while other producers need to spend “hundreds of millions of dollars” in capital that they’d held back since 2019 because of tax changes that deterred investment, the Zambia Chamber of Mines said.
Despite the southern African nation’s copper production edging higher to a record last year, output has largely stagnated over the past decade because of the industry’s hostile relationship with outgoing President Edgar Lungu’s government. In 2010, Zambia produced nearly twice as much of the metal as the Democratic Republic of the Congo to the north. By last year, Zambia’s output was almost half that of the DRC’s, limiting the benefit of record prices.
“The president-elect has reset the tone to one of rebuilding confidence and spurring growth,” Chamber of Mines president Godwin Beene said in response to emailed questions Thursday. “The industry is very positive that with this common-goal approach to the way forward, there will be more of a partnership with government than we have ever seen before.”
First Quantum, which accounts for more than half of Zambia’s copper output, declined to comment.
The mining companies’ main request to the government is that they be allowed to deduct mineral royalties from the tax they pay on profits, according to Mr Beene. They also want sliding-scale taxes that are levied on a pay-as-you-earn basis, he said.
Mr Hichilema, who won last week’s elections by a landslide and has pledged to implement stable and predictable policies, is due to deliver his inauguration speech on August 24 and is expected to make more detailed economic pronouncements.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Marital status: Single
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
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- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
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PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Benefits of first-time home buyers' scheme
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- Discounts on sales price of off-plan units
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The biog
Hobbies: Writing and running
Favourite sport: beach volleyball
Favourite holiday destinations: Turkey and Puerto Rico
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Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
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Engine: 3.8-litre twin-turbo V8
Power: 611bhp
Torque: 620Nm
Transmission: seven-speed automatic
Price: upon application
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The 12 Syrian entities delisted by UK
Ministry of Interior
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Al Watan newspaper
Cham Press TV
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Global state-owned investor ranking by size
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China |
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UAE |
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4. |
Japan |
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Norway |
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Canada |
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Singapore |
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Australia |
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Saudi Arabia |
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South Korea |
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- 1st Test India won by 304 runs at Galle
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Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
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On sale: Now
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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While you're here
Tomorrow 2021
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THE SPECS
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Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff
