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Zambia: DECLINE IN MINING REVENUE IN FIRST QUARTER OF 2023 ATTRIBUTED TO NON-OPERATING OF KCM AND MOPANI

Economist Noel Kabwita has attributed the mining revenue decline in the first quarter of 2023 to non-operating of Konkola Copper Mines –KCM- and Mopani Mines on the Copperbelt.

The Zambia Revenue Authority –ZRA- has in the first quarter of 2023 recorded K8.7 billion gross revenue for mining and quarrying, compared to K11 billion in 2022 under the same period, representing a variance of 21 percent.

Commenting on this development, Mr Kabwita is urging government to quickly resolve issues at the two mines as they are economic mainstays of the country and can contribute more than the intended target of the country’s revenue.

Mr Kabwita tells Phoenix News that there is need to capitalize on KCM and Mopani to ensure registration of quantities that befit the mining sector as Zambia is still dependent on mines for commercial revenues.

He adds that without Kansanshi, Lumwana and Kalumblia producing about 700 000 metric tonnes of copper, the K8.7 billion that has been raised would not have been attained by ZRA.

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