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Category: Mining tax

FQM Dominates Zambia's Extractive Sector Contributions 1 Mining in Zambia Copper Mining tax 

FQM Dominates Zambia’s Extractive Sector Contributions

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
Anglo American joins efforts to create sustainable mining taxation solutions  2 Mining in Zambia Cobalt Copper Mining tax 

Anglo American joins efforts to create sustainable mining taxation solutions 

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
Promoting Equitable Taxation: Balancing Investments and Social Benefits in Zambia 3 Mining in Zambia Economy Events & Expos Mining tax 

Promoting Equitable Taxation: Balancing Investments and Social Benefits in Zambia

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
ZRA TO HOST THE ATAF-IGF GLOBAL CONFERENCE ON THE FUTURE OF RESOURCE TAXATION 4 Mining in Zambia Mining tax 

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

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
Small Scale Miners Urge Tax Incentives for Start-up Mines in Zambia 5 Mining in Zambia Artisanal mining Mining tax 

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

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
FQM CONTRIBUTES 61% OF GOVERNMENT’S MINING INCOME IN 2021 6 Mining in Zambia Economy Mining tax 

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

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
Kagem continues to spearhead transparency on tax in Zambia 7 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 8 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 9 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 10 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

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