The Financial Post reports in its Wednesday edition Barrick Gold says it is encouraged by news reports that say Zambian authorities may reduce the country's punitive mining royalties. The Post's Peter Koven writes the government plans to set the royalty for open-pit mining at 9 per cent. This comes after it recently hiked the royalty to 20 per cent from 6 per cent. A 9-per-cent royalty would still be high compared with other mining jurisdictions, but it might make more mines viable. In December, Barrick said it would close its Lumwana copper mine because of the hike in the royalty to 20 per cent. For now, the company is putting off the closure until it gets firm guidance from the government on its royalty plans. "Barrick welcomes the government of Zambia's decision to consider changes to the current mineral royalty," the company said in an e-mailed statement. "We will review the government's formal proposal in detail when it becomes available." Barrick acquired Lumwana in the disastrous $7.3-billion takeover of copper miner Equinox Minerals in 2011. Barrick closed Tuesday at $15.62, up three cents on the Toronto Stock Exchange.