Mining tax - Copperbelt Katanga Mining

Zambia’s Finance Minister Refutes Tax Holidays for Multinational Mining Companies 1

Zambia’s Finance Minister, Situmbeko Musokotwane, has dismissed allegations that the government provides tax holidays to multinational mining companies, asserting, “There is no mine that has been given a tax holiday.” Speaking in Parliament, Musokotwane emphasized that Zambia’s tax policies are designed to align with international standards, ensuring stability in the mining sector while fostering investment. . He noted that previous policy inconsistencies had led to production declines and mine closures, prompting the government to adopt a more consistent approach. The Minister criticized misinformation from certain civil society organizations and political… Read More Here

Gold International Mining tax

Mali Seeks $512 Million in Tax Claims from Barrick Gold Amid Mining Revenue Drive

October 19, 2024October 19, 2024 Constance

Mali’s military government is demanding at least 300 billion CFA ($512 million) in outstanding taxes and dividends from Barrick Gold, as part of a broader initiative to increase revenue from mining companies. Last month, authorities briefly detained four Malian staff members employed by Barrick, the world’s second-largest gold miner. The Canadian company announced on September 30 that it had agreed to collaborate with the government to address existing claims and disputes. These demands follow an audit of mining contracts conducted last year and the government’s push to renegotiate agreements with… Read More Here

Mining in DRC Economy Mining tax

Goma Mining Conference Promotes Tax Compliance and Economic Development

October 19, 2024October 19, 2024 Constance

The mining conference held on October 14, 2024, in Goma, North Kivu, Democratic Republic of Congo, served as a vital platform for local authorities to raise awareness among taxpayers in the mining sector about their obligations. The provincial government emphasized the importance of meeting tax responsibilities, warning that failure to comply could lead to the forfeiture of mining and quarry rights. “There was a pressing need to organize this mining day in Goma,” stated Peter Chirimwami Nkuba, the provincial governor. “It allowed the General Directorate of Revenue of North Kivu… Read More Here

Mining in DRC Cobalt Copper Mining tax

Glencore’s Kamoto Copper Mine Faces $894 Million Royalty Dispute in DRC

September 29, 2024September 29, 2024 Constance

Glencore’s Kamoto Copper Company (KCC), a major copper and cobalt mine in the Democratic Republic of Congo (DRC), is facing a dispute with the country’s tax authority, DGRAD, over unpaid royalties amounting to more than €800 million ($894 million). According to sources, earlier this year, DGRAD froze KCC’s local bank accounts, and recently sealed off a metal storage warehouse, though the facility was reopened the next day. Kamoto, in which Glencore holds a 75% stake, is one of the largest mines in the DRC. It exported 200,000 tons of copper… Read More Here

Mining in Zambia Copper Mining tax Zinc

ZRA Recovers Over K1.4 Million from Stephane Mining Imports and Exports Limited for Tax Evasion

September 8, 2024September 8, 2024 Constance

The Zambia Revenue Authority (ZRA) has successfully recovered K1,493,307.52 from Stephane Mining Imports and Exports Limited following the company’s conviction by the Economic and Financial Crimes Court in Kitwe for tax evasion. Between January 1 and March 30, 2024, Stephane Mining Imports and Exports Limited falsified export documents, misrepresenting Zinc Ore as Zinc concentrate to evade taxes. The ZRA intercepted six trucks transporting the misdeclared ore, uncovering the tax evasion scheme. After entering into a plea negotiation, the company has fully paid the evaded taxes and reimbursed K100,000 in prosecution… Read More Here

International Gold Mining tax

Mozambique Loses Millions in Unpaid Taxes from Gold and Limestone Mining

July 28, 2024July 28, 2024 Constance

The Mozambican state loses around 50 million meticais annually in unpaid and underpaid taxes from gold and limestone exploitation in Sofala province, according to the Centre for Public Integrity (CIP). A CIP document accessed today highlights illegal exploitation, lack of transparency in production data, poor supervision, failure to properly channel taxes to local communities, unfulfilled promises, suspicions of corruption, high prices for mining-related products, and significant environmental impacts as key issues contributing to the shortfall. These practices are linked to at least three companies and one association operating in the… Read More Here

Mining in Zambia Copper Mining tax Taxes

ZCCM-IH Post-Tax Losses Surge to Over K4 Billion in 2023

June 19, 2024June 19, 2024 Constance

Zambia Consolidated Copper Mines Limited (ZCCM-IH) has reported a significant increase in post-tax losses for the 2023 financial year, reaching over K4 billion (approximately $222 million). According to financial statements reviewed by Zambian Business Today (ZBT), the group faced notable financial challenges in 2023. Post-tax losses rose from ZMW3,786 million ($222.03 million) in 2022 to ZMW4,076 million ($198.59 million) in 2023. The primary factor contributing to this increase was the underperformance of Mopani Copper Mines Plc, which reported a substantial loss of ZMW8.97 billion ($436.94 million). “Mopani’s lower copper production… Read More Here

Mining in Zambia Copper Economy Mining tax Taxes

Mopani Copper Mines Pays K341 Million in Taxes Following IRH Takeover

June 15, 2024June 15, 2024 Constance

Mopani Copper Mines, under the management of International Resources Holdings (IRH) since March, has paid K341 million in taxes, as disclosed by the government. IRH took over management of Mopani with government support earlier this year, resulting in significant operational and financial improvements for the company. During a visit by IRH Chief Financial Officer Abhinay Khowala to Finance and National Planning Minister Situmbeko Musokotwane on June 11th, the substantial tax payments by the company were highlighted. Khowala praised Zambia as a favorable mining destination, emphasizing the company’s financial reliability and… Read More Here

Mining in DRC Mining tax Taxes

DRC Mining Cadastre Urges Compliance with Concession Tax Payments

June 9, 2024June 9, 2024 Constance

The Mining Cadastre (CAMI) issued a press release on Friday, May 31, 2024, urging holders of mining or quarry rights to comply with the payment of taxes on the area of mining concessions. This announcement follows a memorandum of understanding signed between CAMI and the General Directorate of Revenue of Lualaba (DRLU), which aims to ensure that all mining and quarry right holders meet their financial obligations. CAMI specifically addressed those who have not yet paid the tax on the area of mining concessions for the 2024 fiscal year. The… Read More Here

Mining in Zambia Copper Mining tax Taxes

FQM AFFIRMS COMMITMENT TO ZAMBIA’S GROWTH WITH OVER $727.8M CONTRIBUTION IN 2023

June 1, 2024June 1, 2024 Constance

First Quantum Minerals (FQM), has reaffirmed its commitment to transparency and sustainable development in Zambia by announcing US$727.8 million of contributions to the nation in 2023, according to the company’s latest Tax Transparency and Contributions to Government Report. The report highlights FQM’s contributions to the Zambian economy and local communities through its Kansanshi copper mine in Solwezi, Trident projects in Kalumbila, as well as First Quantum Mining and Operations (FQMO). In 2023, FQM’s Kansanshi contributed US$153.3 million, while FQM Trident contributed US$263 million in taxes and royalties. Of the royalties paid at… Read More Here