Mining tax - Copperbelt Katanga Mining

The African Association for the Defence of Human Rights, ASADHO in its acronym, called on the DRC government to “finance the implementation of the EITI-DRC” to demonstrate its commitment to transparency and the fight against corruption in the mining and oil sectors. “As of 18 July 2020, the President of the Republic, Mr Félix TSHISEKEDI, had appointed Mr Jean Jacques KAYEMBE as the National Coordinator of the Technical Secretariat of the EITI-DRC (…) If the President of the Republic has acquired his duty to appoint the National Coordinator, the Government… Read More Here

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The Mining Cadastre presents the “Revised and Annotated Mining Code of the DRC”

July 18, 2020July 18, 2020 arnbethnic

On Tuesday, July 14, the mining land registry presented a book entitled “The revised and annotated mining code of the DRC” to further popularize the code with investors. The book was published under the direction of The Minister of Mines, Willy Kitobo. The ceremony took place in the blue room of the government building in Kinshasa. The objective, according to the Minister, is to enable the public, in particular, to “assimilate the meaning of the scope of the amendments and innovations” contained in this revised law. The Minister also recalled… Read More Here

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Zambia continues to vex its mining sector

July 11, 2020July 11, 2020 Copperbelt Katanga News

Today’s tensions over Zambia’s mines cannot be blamed solely on their new owners or previous administrations. The current government creates a climate in which the mines struggle to thrive. The government has introduced an impossible tax system, withheld $ 1.6 billion in unpaid sales tax, and accused the mines of tax evasion. It has also deliberately destabilized the energy sector, making electricity costs and transmission unpredictable. Glencore, owner of Mopani Copper Mines (MCM) since 2000, is struggling to get government approval to close the mines for care and maintenance, despite… Read More Here

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Glencore paid DRC Govt $614-million in 2019

July 3, 2020July 3, 2020 arnbethnic

Diversified miner Glencore made payments of $7.7-billion to the governments of countries in which it operates in 2019. This includes $614-million paid to the Democratic Republic of Congo’s government in taxes, royalties and other payments. Glencore paid Argentina $21.6-million, Australia $1.6-billion, Bolivia $10.9-million, Cameroon $5.3-million, Canada $51.4-million, Chad $88.6-million, Chile $235.6-million, Colombia $291.7-million, South Africa $96.6-million, Equatorial Guinea $65.9-million, Kazakhstan $414.2-million, Peru $417.1-million and Zambia $11.6-million. Thirty per cent of these payment contributions went towards adjusted effective tax rates, while $5.2-billion was paid in salaries, wages, social security and other… Read More Here

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First Quantum Minerals tops Zambian taxpayer list

June 12, 2020June 12, 2020 arnbethnic

Copper, gold and zinc miner First Quantum Minerals (FQM) paid over K7-billion in taxes and royalties to the Zambian government in 2018, representing almost 40% of total payments made by the mining industry, making it the nation’s largest taxpayer. The 2018 Zambia Extractive Industry Transparency Initiative report, published in June, reveals that the majority of FQM’s taxes – amounting to K4.47-billion – were paid by its subsidiary, Kansanshi Mining. This payment alone accounted for about a quarter of the country’s extractive payment receipts for that period of K17.98-billion, based on… Read More Here

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How can Zambia Prevent an Economic Disaster Post-COVID-19?

March 31, 2020March 31, 2020 arnbethnic

The COVID-19 pandemic – whilst first and foremost a public health emergency – is creating a global economic crisis in its wake, which could cause longer lasting disruption than the virus itself. For the mining industry, the disappearance of global industrial activity has created a sudden and severe over-supply of copper, causing prices to plummet. The turmoil threatens to kill mining industries around the world, including Zambia’s. Renowned economist Professor Oliver Saasa shares his views on possible responses that Government could implement to mitigate the damage. Countries around the world are swiftly… Read More Here

Mining in DRC Mining tax

Albert Yuma rails against “tax harassment” and “foreign interference”

March 6, 2020March 6, 2020 Copperbelt Katanga News

A poisonous business environment, gloomy and opaque, fiscal harassment… These were some of the words used by Albert Yuma, the president of the Congo Business Federation (FEC), in his acerbic attack on government policy. He also railed against “foreign interference” in mining issues. “No government should ever promise what it is not sure to deliver. It is a question of credibility and accountability of public action to the governed,” he said. Yuma is currently at the Centre of a judicial investigation opened by the Kinshasa public prosecutor’s office into Gécamines’… Read More Here