SHANGHAI, Nov. 29 (SMM) - Zambia is considering imposing a 7.5% import tax on copper concentrate which will greatly hurt local smelters, wenhua.com reported.
Some Zambia’s copper smelters have signed term contracts with Congo’s copper concentrate suppliers based on fixed price. This means Congo’s suppliers will not bear the increased cost. So, Zambia’s smelters may bear higher import cost or default risk, Zambia Chamber of Mines President Talent Ng'andwe said.
Zambia is the second largest copper producing country in Africa with copper smelting capacity totaling 3.60 million tonne per year. Annual copper output is about 2.90 million tonnes. Local smelters import some 500,000 tonnes of copper concentrate from Congo each year.
Zambia’s copper smelters are now suffering from power shortages.
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