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Category: Mining tax

ZRA Recovers Over K1.4 Million from Stephane Mining Imports and Exports Limited for Tax Evasion 1 Mining in Zambia Copper Mining tax Zinc 

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

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
Mozambique Loses Millions in Unpaid Taxes from Gold and Limestone Mining 2 International Gold Mining tax 

Mozambique Loses Millions in Unpaid Taxes from Gold and Limestone Mining

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
ZCCM-IH Post-Tax Losses Surge to Over K4 Billion in 2023 3 Mining in Zambia Copper Mining tax Taxes 

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

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
Mopani Copper Mines Pays K341 Million in Taxes Following IRH Takeover 4 Mining in Zambia Copper Economy Mining tax Taxes 

Mopani Copper Mines Pays K341 Million in Taxes Following IRH Takeover

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
DRC Mining Cadastre Urges Compliance with Concession Tax Payments 5 Mining in DRC Mining tax Taxes 

DRC Mining Cadastre Urges Compliance with Concession Tax Payments

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
FQM AFFIRMS COMMITMENT TO ZAMBIA'S GROWTH WITH OVER $727.8M CONTRIBUTION IN 2023  6 Mining in Zambia Copper Mining tax Taxes 

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

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
DRC Condemns Rwanda and M23 for Imposing New Taxes on Rubaya Mines 7 Mining in DRC Mining tax 

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

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
Rio Tinto's Global Tax and Royalty Contributions in 2023 8 International Mining tax Taxes 

Rio Tinto’s Global Tax and Royalty Contributions in 2023

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
FQM Supports Zambia's Export Tracking Framework 9 Mining in Zambia Copper Economy Mining tax Press Release 

FQM Supports Zambia’s Export Tracking Framework

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
Zambia Revenue Authority Detects Discrepancies in Mining Audits 10 Mining in Zambia Environment Social Governance (ESG) Mining tax 

Zambia Revenue Authority Detects Discrepancies in Mining Audits

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ZAMBIA Revenue Authority (#ZRA) says mining entities are audited on a regular basis and discrepancies have been detected in some of the financial records that have been assessed. ZRA commissioner for domestic tax division Joseph Nonde said the audits in the mines are conducted on a risk profile basis, checking for specific queries that need to be addressed. Mr Nonde said currently there are audits taking place in some of the large-scale mines and some discrepancies have been found. “Audits are done on a regular basis in mining entities here… Read More Here

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