Mining Journal reports that MCM Chief Executive Tim Henderson accepts the logic of renegotiating the mining development agreements:
Henderson also said Mopani had in principle agreed to renegotiate development agreements with the government, which plans to raise mineral royalties to 3.0% from 0.6% and corporate tax to 30% from 25%. "In principle, mining companies are willing to renegotiate the agreements. Any future change in the rate of mineral royalties should be linked to copper prices," Henderson said.I sense Mr Henderson is playing Jedi mind tricks. The last sentence "Any future change in the rate of mineral royalties should be linked to copper prices" can do with some clarification. Does he mean he favours existing mineral royalties but linked to future changes in copper prices? or does he mean he accepts the principle of a "windfall tax", in addition to the existing "mineral royalties"?