Mining tax - Copperbelt Katanga Mining

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

Mining in DRC Mining tax

DRC Condemns Rwanda and M23 for Imposing New Taxes on Rubaya Mines

May 17, 2024May 17, 2024 Constance

The Government of the Democratic Republic of Congo (DRC), through its Ministry of Mines, has condemned the new taxes imposed by Rwanda and its proxies, the March 23 Movement (M23), on the Rubaya mines in Masisi territory, North Kivu province. In a press release, Minister of Mines Antoinette Nsamba Kalambayi expressed grave concern over the situation. She protested that traders and artisanal miners at the Rubaya mining site, currently occupied by M23 with Rwandan support, are being forced to pay exorbitant taxes: $3,000 per tonne for coltan and $2,000 per… Read More Here

International Mining tax Taxes

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