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Category: Mining tax

Glencore claims to exceed 2 billion USD in terms of tax obligations in DRC in the last 3 years 1 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 2 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 3 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 4 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 5 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 6 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

admin
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? 7 Taxes Mining in Zambia Mining tax 

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

admin
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
Zambia announces mining tax breaks, pares deficit in 2022 budget 8 Mining in Zambia Mining tax 

Zambia announces mining tax breaks, pares deficit in 2022 budget

admin
Zambia announced tax breaks for mining companies, drastically cut its budget deficit target and said it expects to conclude debt restructuring talks with creditors early next year.  Mining royalties will be deductible from income taxes, Finance Minister Situmbeko Musokotwane told lawmakers Friday in his first budget speech since his party won power in August elections. He didn’t announce changes to the royalty rates. In 2019, the nation implemented the 10th change to the tax regime in 16 years. The mining industry’s lobby group had complained for years that not being… Read More Here
ZAMBIA'S MINING TAX OVERHAUL IMPRESSES FQM 9 Mining in Zambia Mining tax 

ZAMBIA’S MINING TAX OVERHAUL IMPRESSES FQM

admin
The new UPND government’s plan to rationalise the mining tax regime to attract investment and boost production has been welcomed by the country’s largest taxpayer, First Quantum Minerals (FQM). The 2022 Budget – under the theme ‘Growth, Jobs and Taking Development Closer to the People’ – presented to Parliament on Friday (October 29, 2021) by Minister of Finance and National Planning Dr Situmbeko Musokotwane unveiled a key revision to the  Zambia mining tax regime; namely the return to the approach followed by other global mining jurisdictions which enables companies to deduct… Read More Here
Zambia is reviewing mining tax framework, minister says 10 Mining in Zambia Mining tax 

Zambia is reviewing mining tax framework, minister says

admin
Zambia’s mines minister said on Wednesday that the government had been reviewing the mining tax framework with key stakeholders to design a regime that would be stable, predictable and competitive. “This will also attract both local and foreign investment in mining and ultimately scale up mineral production in the country,” Minister Paul Kabuswe said in the parliament of Africa’s second-largest copper producer. The mining industry is key for heavily indebted Zambia, accounting for 10% of the country’s GDP and more than 70% of its foreign exchange earnings. Kabuswe, appointed last month by recently elected President Hakainde… Read More Here

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