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Zambia, Africa's second-largest copper producer, said it plans to limit the number of mining licenses a company can hold at one time to curb speculation and boost investment
.
Last month, Zambia's Ministry of Mines suspended the issuance of mining licences and commissioned an audit in response to public complaints
about the lack of transparency and abuses in Zambia's licensing system.
Mining Minister Paul Kabuswe told a press conference: "The preliminary process audit results confirm our concern that some companies have too many mining rights
.
”
Ongoing audits show that some companies have as many as 50 licenses
.
It also found that some people are not registered with Zambia's patent and company registry and may not have paid taxes
.
"This ultimately promotes speculation rather than investment
in the mining industry.
"
Kabuswe declined to name the companies involved, saying the companies holding multiple licenses were mostly small and medium-sized businesses
.
Kabuswe said the Zambian government would issue an order limiting the number of mining rights the same beneficial owner could hold at any given time, but did not provide details
on when that happened or what the cap was.
He added that the licensing department is expected to complete the review within 14 days and will reopen
on April 11.
Zambia, Africa's second-largest copper producer, said it plans to limit the number of mining licenses a company can hold at one time to curb speculation and boost investment
.
Last month, Zambia's Ministry of Mines suspended the issuance of mining licences and commissioned an audit in response to public complaints
about the lack of transparency and abuses in Zambia's licensing system.
Mining Minister Paul Kabuswe told a press conference: "The preliminary process audit results confirm our concern that some companies have too many mining rights
.
”
Ongoing audits show that some companies have as many as 50 licenses
.
It also found that some people are not registered with Zambia's patent and company registry and may not have paid taxes
.
"This ultimately promotes speculation rather than investment
in the mining industry.
"
Kabuswe declined to name the companies involved, saying the companies holding multiple licenses were mostly small and medium-sized businesses
.
Kabuswe said the Zambian government would issue an order limiting the number of mining rights the same beneficial owner could hold at any given time, but did not provide details
on when that happened or what the cap was.
He added that the licensing department is expected to complete the review within 14 days and will reopen
on April 11.
