Initiatives Natural Resources Thoughts

Zambia gov’t in talks with mining firms over sharing of mineral wealth – Xinhua | English.news.cn

http://news.xinhuanet.com/english/africa/2014-12/31/c_133890430.htm

Ok, so we’ll shut down the mine because of an 8% tax????!
Can you see how absurd that sounds? Are they saying that they make 8% in profit? The huge profits mining companies make (which BTW are wired out of the country) are not fairy distributed in the country that owns the resource,  yet they make it sound as if they are doing Zambians a favour??? The very definition of Greed… in other words,  we’ve got a contract,  our priority is to make as much profit,  we don’t care about the consequences of our tax evasion,  profit shifting or unfair contract terms on Zambia. If we can’t make the maximum possible profit, it’s not worth continuing the operation. 

Let the Canadian mining company leave. Let the Zambian government nationalise the mine, and take control of it. There are many educated people in Zambia,  they can manage. It will give them increased income and will help poor people in Zambia. Let them create a cooperative and provide employment to people who want to help African countries,  unlike wasting time with such leeches who only care for profit…
Also, I wonder whether they would have left if it were the government of Australia for example which increased the taxes. A part of me thinks it’s partly a bias towards African governments who are often bullied into accepting unfair contract terms, to the detriment of their people…

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