Source: http://www.mineweb.com/mineweb/content/en/mineweb-fast-news?oid=179151&sn=Detail

Africa’s top copper producer has hiked the cost of its mining licences in order to bring them in line with other countries.

Author: Reuters
Posted: Monday , 25 Feb 2013

LUSAKA (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.