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Category: Mining tax

Kagem continues to spearhead transparency on tax in Zambia 1 Emeralds Mining in Zambia Mining tax 

Kagem continues to spearhead transparency on tax in Zambia

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
Kansanshi agreement is a neat solution to a historical problem - Prof. Saasa 2 Environment Social Governance (ESG) Mining in Zambia Mining tax 

Kansanshi agreement is a neat solution to a historical problem – Prof. Saasa

Copperbelt Katanga News1 Comment
All shareholders in Kansanshi are now incentivised towards maximising production, says Prof. Oliver Saasa ZCCM-IH’s recently announced decision to move from a dividend model to a revenue-sharing model has been both praised and criticised in the media but, concerningly, the rationale and details appear to be widely misunderstood. Mining For Zambia asked renowned economist Professor Oliver Saasa to shine a light on this agreement, which has been three years in the making. There has been a significant amount of commentary in the media on the Kansanshi agreement since it was announced earlier… Read More Here
GOVT DOESN'T UNDERSTAND VALUE OF 20% FQM SHARES TO ACCEPT ONLY 3.1% ROYALTY 3 Mining in Zambia Mining tax 

GOVT DOESN’T UNDERSTAND VALUE OF 20% FQM SHARES TO ACCEPT ONLY 3.1% ROYALTY

Constance
A mining expert has questioned the decision by the government to convert the 20% shares ZCCM-IH stake in Kansanshi mine to a Royalty or revenue share of 3.1%, accusing the government negotiating team led by ZCCM – IH chairperson Dorika Banda of seemingly not understanding the value of governments 20% percent shareholding stake and how much it would accrue in terms of the investment in mine project. On Tuesday Finance Minister Dr. Situmbeko Musokotwane announced during a press Briefing in Lusaka in the company of his counterpart Mines Minister Paul… Read More Here
Glencore claims to exceed 2 billion USD in terms of tax obligations in DRC in the last 3 years 4 Mining in DRC Environment Social Governance (ESG) Mining tax 

Glencore claims to exceed 2 billion USD in terms of tax obligations in DRC in the last 3 years

Constance
Glencore’s 4th annual conference was held on Tuesday, December 13, 2022 in the capitol room of the Rotana hotel in Kinshasa. This accountability exercise was centered under the theme: “Glencore, a partner for the energy transition and for the sustainable development of the DRC”.  In her speech, Marie-Chantal Kaninda, Vice-President of Glencore RDC and Chairman of the Board of Directors of Kamoto Copper Company (KCC), briefly presented the performance of Glencore’s activities in the country during the year 2022. To believe him, Glencore has invested over 8 billion US dollars over… Read More Here
Zambia's ZCCM-IH takes centre stage 5 Environment Social Governance (ESG) Mining in Zambia Mining tax 

Zambia’s ZCCM-IH takes centre stage

arnbethnic
A revenue-sharing model will give ZCCM-IH the financial firepower to achieve its strategic goals, says Board Chair The Zambian state-owned mining investment company ZCCM-IH recently announced its decision to convert its right to dividend payments from its stake in Kansanshi Mining Plc to a revenue-sharing agreement, under which the company will receive a percentage of all mineral sales for as long as the mine is in production. Mining For Zambia asked ZCCM-IH’s Board Chair, Ms Dolika Banda, to tell us what motivated the move, and how it benefits the company and Zambia… Read More Here
Increased by 61.2%, the volume of exports of mining and hydrocarbon products from the DRC estimated at 21.9 billion USD in 2021 6 Mining in DRC Mining tax 

Increased by 61.2%, the volume of exports of mining and hydrocarbon products from the DRC estimated at 21.9 billion USD in 2021

arnbethnic
The volume of exploitation of mining and hydrocarbon products recorded a jump of around 61.2% during the year 2021 compared to the year 2020. Indeed, exports of mining and hydrocarbon products are estimated at 21.9 billion USD. Among the mining products having impacted the year 2021, there is in particular copper and cobalt, the prices of which recorded respective increases of 51.0% and 43.6%, due to the strong demand within the automotive industry under the influence of the energy transition. In volume, copper, cobalt and gold exports increased by 12.2%,… Read More Here
2021, mining royalties from Lualaba and Haut-Katanga valued at nearly USD 650 million in the DRC 7 Mining in DRC Mining tax 

2021, mining royalties from Lualaba and Haut-Katanga valued at nearly USD 650 million in the DRC

arnbethnic
The royalties contribution of the mining industry to the economy of the Democratic Republic of Congo (DRC) was strong during the year 2021, welcomed Mr. Louis Watum Kabamba, President of the Chamber of Mines of the Federation companies of the Congo (FEC). During a press conference organized on Friday, October 21, 2022, at the Fleuve Congo Hotel, in Kinshasa, Mr. Louis Watum indeed indicated that the sum of 647,208,290 USD was paid to the Public Treasury, solely by the mining industry established in the two provinces of the country, namely… Read More Here
The first half of 2021, mining royalties from Lualaba and Haut-Katanga are valued at nearly USD 650 million 8 Mining in DRC Mining tax 

The first half of 2021, mining royalties from Lualaba and Haut-Katanga are valued at nearly USD 650 million

arnbethnic
The contribution of the mining industry to the economy of the Democratic Republic of Congo (DRC) was strong during the year 2021, welcomed Mr. Louis Watum Kabamba, President of the Chamber of Mines of the Federation companies of the Congo (FEC). During a press conference organized on Friday, October 21, 2022, at the Fleuve Congo Hotel, in Kinshasa, Mr. Louis Watum indeed indicated that the sum of 647,208,290 USD was paid to the Public Treasury, solely by the mining industry established in the two provinces of the country, namely Lualaba… Read More Here
DRC: nearly USD 5.8 billion collected in taxes, duties, fees and royalties from mining and oil companies between 2018 and 2019 9 Mining in DRC Mining tax Oil & Gas Taxes 

DRC: nearly USD 5.8 billion collected in taxes, duties, fees and royalties from mining and oil companies between 2018 and 2019

Janet
Between 2018 and 2019, mining and oil companies operating in the Democratic Republic of Congo (DRC) paid the public treasury in taxes, duties, fees and royalties, a total amount estimated at 5,849,113,365.66 billion. U.S. dollars. This is what the statistical yearbook of the Democratic Republic of Congo reports in its publication for the year 2020. According to this report, during this period under analysis, mining companies paid the Congolese State a sum of 5,456,810,153.31 billion US dollars, i.e. 2.9 billion USD paid in 2018 and 2.4 billion USD in 2019.… Read More Here
What do next year’s changes to the mining tax regime actually mean for Zambians? 10 Taxes Mining in Zambia Mining tax 

What do next year’s changes to the mining tax regime actually mean for Zambians?

Janet
Making Zambia a more attractive destination for investment is the number one shared priority of Zambia’s brightest financial brains. Investment in the country’s mining sector, in particular, has the enormous potential of putting Zambia back on a growth trajectory, with the direct economic benefits from new and expanded mining operations second only to the economic multiplier effects that can support and sustain generations of upwardly mobile Zambians, when the environment is right. Experts agree: Harnessing the potential of this critical sector requires that Zambia urgently implement global best practices, without… Read More Here

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