Mining tax - Copperbelt Katanga Mining

Rio Tinto’s Global Tax and Royalty Contributions in 2023

March 29, 2024March 29, 2024 Constance

Rio Tinto, a diversified mining company, reported substantial tax and royalty payments totaling $8.5 billion worldwide in 2023, with the majority allocated to Australia, where it conducts nearly half of its global operations. Compared to the $10.8 billion paid in 2022, which included $1.5 billion in Australian corporate tax payments related to previous years, the 2023 figure reflects a decrease. In Australia, tax and royalty payments amounted to $6.6 billion in 2023, inclusive of $4.1 billion in corporate tax payments. Additionally, Rio Tinto disbursed significant sums in Canada ($601 million),… Read More Here

Mining in Zambia Copper Economy Mining tax Press Release

FQM Supports Zambia’s Export Tracking Framework

March 8, 2024March 8, 2024 Constance

Zambia’s largest taxpayer First Quantum Minerals (FQM), has pledged its support for the Bank of Zambia’s Export Proceeds Tracking Framework directives, which aim to ensure revenue from exports of goods and services, and the use of these funds, can be tracked through local Zambian bank accounts. The directives, which came into effect on January 1 this year, require exporters to match export records to funds flowing through Zambian bank accounts in order to give the Bank of Zambia greater visibility of both the source of the funds received and the… Read More Here

Mining in Zambia Copper Mining tax

FQM Dominates Zambia’s Extractive Sector Contributions

February 4, 2024February 4, 2024 Constance

First Quantum Minerals (FQM) emerged as the primary revenue contributor to the Zambian government from the extractive sector in 2022, according to the latest Zambia Extractive Industry Transparency Initiative (ZEITI) report. The independently audited report unveiled that FQM, a key player in the mining industry, significantly contributed over K25 billion in taxes, royalties, and various payments. The report, presented during the launch in Solwezi, North-Western Province, underscored FQM’s pivotal role in supporting the Zambian economy. The company made a substantial commitment of over a billion dollars for additional capital investment,… Read More Here

Mining in Zambia Cobalt Copper Mining tax

Anglo American joins efforts to create sustainable mining taxation solutions

July 17, 2023July 17, 2023 Constance

Anglo American joined representatives of government, civil society and other stakeholders in the mining sector at a global conference in Lusaka to discuss the future of resource taxation, as part of the launch of a new guide on the subject by the Inter-governmental Forum (IGF) on Mining. Those attending were seeking to find effective solutions to promote transparency and sustainable development in the mining sector. The conference was officially opened by the Minister of Finance and National Planning Dr Situmbeko Musokotwane, who expressed confidence in the three-day event’s potential to facilitate constructive… Read More Here

Mining in Zambia Economy Events & Expos Mining tax

Promoting Equitable Taxation: Balancing Investments and Social Benefits in Zambia

June 27, 2023June 28, 2023 Constance

Finance and National Planning Minister, Situmbeko Musokotwane, emphasizes the importance of establishing a balanced approach to promote investments and create an equitable taxation framework that benefits both the industry and societies. Dr. Musokotwane states that the government’s primary focus is on encouraging sustainable mining practices, attracting further investments, and ensuring the fair distribution of benefits from the industry among the population. Speaking at the global conference on the Future of Resource Taxation in Lusaka, Dr. Musokotwane highlights the integral role of mining in the global economy, shaping nations, driving economic… Read More Here

Mining in Zambia Mining tax

ZRA TO HOST THE ATAF-IGF GLOBAL CONFERENCE ON THE FUTURE OF RESOURCE TAXATION

June 22, 2023June 22, 2023 Constance

The energy transition is expected to increase demand for critical minerals exponentially. Governments and regional bodies are exploring new opportunities and forging new partnerships to find new ways of adding value to their resources. Mineral wealth can, if exploited responsibly, provide economic livelihoods for many and contribute to public revenue. To ensure realisation of the expected benefits, the African Tax Administration Forum (ATAF) and the Intergovernmental Forum (IGF) on Mining, Minerals, Metals and Sustainable Development (IGF) in conjunction with the Zambia Revenue Authority (ZRA) will host a three-day conference from… Read More Here

Mining in Zambia Artisanal mining Mining tax

Small Scale Miners Urge Tax Incentives for Start-up Mines in Zambia

June 4, 2023June 4, 2023 Constance

The Federation of Small Scale Mining Association of Zambia has recently made a plea to the government, requesting a 5-year tax-free period for start-up artisanal and small-scale mines in the upcoming 2024 national budget. This proposal aims to provide these miners with an opportunity to establish and streamline their operations, similar to the benefits enjoyed by large-scale miners during their initial business setup. Sankisha Chilwesa, the Deputy Publicity Secretary, emphasized the importance of granting tax incentives to artisanal and small-scale miners. Chilwesa asserted that such measures would contribute to their… Read More Here

Mining in Zambia Economy Mining tax

FQM CONTRIBUTES 61% OF GOVERNMENT’S MINING INCOME IN 2021

May 20, 2023May 20, 2023 Constance

Zambia’s largest taxpayer, First Quantum Minerals (FQM), paid ZMW 20.4 billion in taxes and royalties to Government. This record sum amounts to 61% of the total amount – nearly ZMW 34 billion – received by the Zambian State from the entire mining industry that year. These figures have been disclosed as part of the independently audited Zambia Extractive Industries Transparency Initiative (ZEITI) 2021 annual report on tax payments and receipts that have been published today 20th May. ZEITI is the national chapter of the Extractive Industries Transparency Initiative (EITI), the… Read More Here

Emeralds Mining in Zambia Mining tax

Kagem continues to spearhead transparency on tax in Zambia

February 27, 2023February 27, 2023 arnbethnic

Gemfields, which operates the Kagem emerald mine in Lufwanyama, has announced updated figures to the end of December 2022 for the ‘G-Factor for Natural Resources’, a measure promoting greater transparency regarding the level of natural resource wealth shared with the governments of host countries, whether from the mining, oil, gas, timber or fishing sectors, launched in July 2021. Gemfields once again invites governance bodies, mining organisations, industry observers and host governments to adopt the G-Factor for Natural Resources in order to improve transparency when it comes to the share of natural… Read More Here