Barrick will not suspend copper mine as Zambia backs down on royalties

Barrick Gold Corp, the world's biggest gold producer, said on Thursday it will not suspend operations at its Lumwana open-pit copper mine in Zambia now that the country's government has reduced mining royalties. Zambia's cabinet set the royalty tax rate for open-pit and underground mining at 9% on Monday. The corporate income tax rate will be 30% and the mineral processing tax rate will be 35% when the law takes effect on July 1.