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Taxes up - copper price up

Zambia is Africa's second largest copper producer. The country is planning new taxes in the mining industry, which could make industrial metals, especially copper, more expensive.

The announcement of new taxes and licence fees for mining by Zambia's Minister of Finance Margaret Mwanakatwe is causing a stir. Zambia wants to reduce its national debt and balance its budget. After all, the budget deficit in 2018 is estimated at 7.4 percent of GDP. For global industrial metal prices, this could mean rising prices.

A ten-percent tax is planned for copper producers if the price of copper exceeds 7,500 US dollars per tonne. In addition, there is a new five-percent tariff for copper and cobalt exports. Due to the increasing indebtedness of Zambia and corruption cases, some Western donors have already turned their backs on Zambia.

Copper is one of the most sought-after metals, because it is particularly necessary, and is used in cars, televisions, laptops, smartphones and an important raw material in the construction industry. Although there are many copper deposits worldwide, experts expect prices to rise. The worldwide demand for refined copper has been rising for years. On average, between USD 7,500 and 8,000 are forecast for one tonne of copper in 2022.

Copper projects in mining-friendly regions should be able to operate profitably in the coming years. These include Copper Mountain Mining and Panoro Minerals.

Copper Mountain Mining - https://www.commodity-tv.net/c/search_adv/?v=298551 - owns its flagship project, the Copper Mountain Mine in British Columbia (which produces approximately 90 million pounds of copper equivalent annually) and the Eva Copper Project in Australia. The current feasibility study assumes an average annual production of approximately 90 million pounds of copper and 19,000 ounces of gold.

Panoro Minerals - https://www.commodity-tv.net/c/search_adv/?v=298566 - is looking for copper in Peru, which is also mining friendly. Two advanced copper projects (Cotabambas and Antilla) are joined by two projects in the initial phase (Kusiorcco, Humamantata).

Current corporate information and news releases from Copper Mountain Mining (https://www.resource-capital.ch/en/companies/copper-mountain-mining-corp.html) and Panoro Minerals (https://www.resource-capital.ch/en/companies/panoro-minerals-ltd.html).

In accordance with §34 WpHG, I would like to point out that partners, authors and employees can hold shares in the companies mentioned in each case and therefore there is a possible conflict of interest. Only the English version of these messages applies.

Disclaimer: The information provided does not constitute any form of recommendation or advice. We expressly point out the risks involved in securities trading. No liability can be assumed for damages resulting from the use of this blog. I would like to point out that shares and in particular warrant investments are generally associated with risk. The total loss of the invested capital cannot be excluded. All information and sources are carefully researched. However, no guarantee is given for the correctness of all contents. I expressly reserve the right to make a mistake, in particular with regard to figures and exchange rates, despite the utmost care. The information contained herein has been obtained from sources believed to be reliable but does not claim to be accurate or complete. Due to court rulings the contents of linked external sites are also to answer for (so among other things district court Hamburg, in the judgement of 12.05.1998 - 312 O 85/98), as long as no explicit dissociation from these takes place. Despite careful control of the contents, I do not assume any liability for the contents of linked external sites. The respective operators are solely responsible for their content. The disclaimer of Swiss Resource Capital AG also applies: www.resource-capital.ch/en/disclaimer.html

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