Mining tax - Copperbelt Katanga Mining

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

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