Zambia hikes mine licence fees to global levels

Fri Feb 22, 2013 10:47am EST
 
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LUSAKA Feb 22 (Reuters) - Zambia has increased the cost of its mining licences in order to bring them in line with other countries, its mines minister said on Friday.

The fees for large-scale mining and change of control licences have been increased to 28,800 kwacha ($5,400) from 1,800 kwacha ($340) from this month, Yamfwa Mukanga said in a statement.

The increase is also expected to deter speculators from buying land in Africa's top copper producer.

"We want to ensure that only serious investors get these licences," Mukanga said.

Foreign mining companies operating in Zambia include Canada's First Quantum Minerals, London-listed Vedanta Resources and Glencore of Switzerland.