Zambia Freezes Copper Exports Ahead of New Rules

The Associated Press reported that Zambia’s President, Michael Sata has halted all metal exports from Africa’s biggest copper producer.

As quoted in the market news:

As the world’s seventh-largest copper producer, the metal accounts for 85 percent of exports, but cobalt, lead, gold, silver and emeralds are also mined.

“What the government is trying to do is improve the reporting of its trade flow, and probably by extension also the mining activity, which will probably end up with tax payments,” said Leon Myburgh, sub-Saharan African strategist at Citi Group.

Click here to read the full The Associated Press report