AI-assisted research summary: This amendment changes mineral royalty rates for copper, cobalt, and vanadium, and says anyone holding minerals extracted in the Republic on which royalty has not been paid must pay the royalty.
Mines and Mineral Development (Amendment) [No. 18 of 2018 327 GOVERNMENT OF ZAMBIA ACT No. 18 of 2018 Date of Assent: 23rd December, 2018 An Act to amend the Mines and Minerals Development Act, 2015. [26th December, 2018 ENACTED by the Parliament of Zambia. 1. (1) This Act may be cited as the Mines and Minerals Development (Amendment) Act, 2018, and shall be read as one with the Mines and Minerals Development Act, 2015, in this Act referred to as the principal Act. (2) This Act shall come into operation on 1st January, 2019. 2. Section 89 of the principal Act is amended— (a) in subsection (1) (a), by the insertion of a comma and the words “cobalt or vanadium” immediately after the word “copper”; (b) by the deletion of subsections (2) and (3) and the substitution therefor of the following: (2) Where the base metal produced or recoverable under the licence is copper, the mineral royalty payable is at the rate of— Enactment Short title and Commence- ment Act No. 11 of 2015 Amendment of section 89 (a) five point five percent of the norm value when the norm price of copper is less than four thousand five hundred United States dollars per tonne; (b) six point five percent of the norm value when the norm price of copper is four thousand five hundred United States dollars or higher per tonne but less than six thousand United States dollars per tonne; Single copies of this Act may be obtained from the Government Printer, P.O. Box 30136, 10101 Lusaka, Price K4.00 each. 328 No. 18 of 2018] Mines and Minerals Development (Amendment) (c) seven point five percent of the norm value when the norm price of copper is six thousand United States dollars or higher per tonne but less than seven thousand five hundred United States dollars per tonne; (d) eight point five percent of the norm value when the norm price of copper is seven thousand five hundred United States dollars or higher per tonne but less than nine thousand United States dollars per tonne; and (e) ten percent of the norm value when the norm price of copper is nine thousand United States dollars or higher per tonne. (3) Where the base metal produced or recoverable under the licence is cobalt or vanadium, the mineral royalty payable is at the rate of eight percent of the norm value of the cobalt or vanadium produced or recoverable. (4) A person that is in possession of minerals extracted in the Republic for which mineral royalty has not been paid is liable to pay mineral royalty at the rates set out in subsections (1), (2) and (3).;and (c) by the renumbering of subsections (4) and (5) as subsections (5) and (6), respectively.