Mines and Minerals (Amendment) GOVERNMENT OF ZAMBIA

[No. 5 of 1999

125

ACT
No. 5 of 1999 Date of Assent: 29lh March, 1999 An Act to a m e n d the Mines and Minerals Act [1st April, 1999 E N A C T E D by the Parliament of Zambia. 1. (1) This Act may be cited as the Mines and Minerals ( A m e n d m e n t ) Act. 1999, and shall be read as one with the Mines and Minerals Act, in this Act referred to as the principal Act. (2) This Act shall come into operation on the 1 st April, 1999.
Amendment ot' section 66 Enactment Short title and Commence­ ment Cap. 213

2. Section sixty-six of the principal Act is amended by the deletion of subsections (1) and (2) and the substitution therefor of the following subsections: (1) The holder of a large-scale mining licence shall in accordance with the licence, this Act and the terms of any relevant development agreement, pay to the Republic, a royalty on the gross value of minerals produced under the licence at the rate of two per centum. (2) In this section— " gross value " means the realised price for a sale freeon-board. at the point of export from Zambia or point of delivery within Zambia: Provided that if the Minister considers that the realised price does not correspond to the price that would have been paid for the minerals if they had been sold on similar terms in a transaction, at arms length, between a willing seller and a willing buyer, a notice may be given to that effect to the j e e n s e e : and the amount of the market value shall be deter­ mined in accordance with mechanism contained in sections ninety-seven A to ninety-seven D of the Income Tax Act.

Cap. 323 Repeal ol Third Schedule

3. T h e principal Act is amended by the repeal of the Third Schedule.

Single copies of this Act may he obtained from the Government P.O. Box 30136, 10101 Lusaka. Price K500each.

Printer,