Lusaka – A leading contender in Zambia’s presidential elections, Hakainde Hichilema, on Sunday vowed to review a new “penal” mining tax regime that has spooked investors in the copper-rich nation.
Zambia tripled mining royalties to 20% from 6% on January 1, putting the government at loggerheads with mining firms already buckling under a fall in global commodity prices.
Hichilema, a wealthy businessman and leader of the United Party for National Development (UPND), is seen as a frontrunner in elections on Tuesday, along with the ruling Patriotic Front candidate Edgar Lungu.
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