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Category: Mining tax

First Quantum Minerals 1 FQM Mining in Zambia Economy Mining tax 

FQM CALLS ON NGOs TO ‘GET IT RIGHT’ ON MINING SECTOR’S CONTRIBUTION TO DEVELOPMENT | ZAMBIA

Arnie
Zambia’s largest taxpayer, First Quantum Minerals, has called upon non-corporate actors to better acquaint themselves with the mining sector’s contribution to community development. The mining company said that inaccurate reports from some non-governmental organisations (NGOs) have been misleading and constitute the spreading of ‘fake news’. Such reports have the potential to unfairly damage reputations, and also tarnish their reputations as being the flag bearers of good governance/honest brokers. “We work hard to leave a lasting and positive legacy everywhere we work. Our corporate values dictate that we devote considerable resources… Read More Here
central-bank-of-Congo building Mining in DRC Economy Mining tax 

Mutanda Mining’s payment of USD 100 million in 2015 was a “regular operation”, according to a source at the Central Bank | DRC

arnbethnic
The governor of the Central Bank of Congo (BCC), Déogratias Mutombo, was at his office this Tuesday, August 11, a source inside the BCC confirmed. Faced with rumors about the arrest of the boss of the BCC in connection with 100 million USD paid by the mining company Mutanda Mining (MUMI). Our source maintained that Déogratias Mutombo did not appear at the Office of the Inspection of the Judicial Police of the Public Prosecutor’s Office on Monday. “No, the governor is in his office. He did not show up when he was… Read More Here
Chamber of Mines DRC Mining in DRC Economy Mining tax Taxes 

The Chamber of Mines denounces the suspension of VAT exemption on mining imports | DRC

arnbethnic
The Chamber of Mines and the FEC (Fédération des entreprises du Congo) denounces a series of measures taken by the Government which, according to them, are damaging the cash flow of mining companies and reiterates its firm desire to always work with the country’s institutions. for improving the economic climate. This is revealed in a communication sent on Wednesday, August 12. In its press release, the Chamber of Mines stated that mining companies, although hard hit by a difficult economic situation amplified by the negative effects of the Covid-19 pandemic… Read More Here
EITI DRC AFrewatch Mining tax Mining in DRC 

AFREWATCH suggests the inclusion of ETD and provincial declarations in the draft framework for EITI-DRC’s 2018-2019 reports

arnbethnic
The African Natural Resources Observatory (AFREWATCH) has just published, during this month of August, its analysis note of the draft framework for the EITI-DRC reports 2018-2020. The latter must determine the scope of application of the EITI declarations process, the collection and declaration tools as well as the reliability of the data. The analysis note is focuses on two main points: – the mining royalty and the SICOMINES mining project.  Regarding the mining royalty, AFREWATCH comments on the integration of provincial boards in the perimeter and believes that the DRC… Read More Here
ZRA Commissioner General Mining in Zambia Mining tax 

Mineral Royalty Taxes down 6%, says ZRA Commissioner General | Zambia

arnbethnic
ZAMBIA Revenue Authority (ZRA) Commissioner General Kingsley Chanda says the Chamber of Mines should not alarm the nation by issuing false statements on Mineral Royalty Tax (MRT) because there has only been a marginal reduction of six per cent this year.  And Chanda says the Authority will soon be launching tax payments on WhatsApp to make it easier for Zambians to pay taxes. Speaking when he officially opened the ZRA Service Centre at the ECL Shopping Mall in Kitwe, Thursday, Chanda announced that there was a reduction of six per… Read More Here
VAT Economy Mining in DRC Mining tax Taxes 

DRC Government Suspends VAT Exemption on Imports of Mining Companies

arnbethnic
  The Deputy Prime Minister in charge of the Budget, Baudoin Mayo Mambeke, on the decision by the government made at the 41st meeting of the Council of Ministers, has ordered “the suspension of the exemption from VAT on the imports of mining companies” within the framework measures to increase government revenue. In a correspondence dated July 31, 2020 and addressed to his colleague from Finance ministry, the Minister of the Budget wrote: “The Council of Ministers has decided, during its 41st meeting and within the framework of the mobilization of… Read More Here
EITI DRC AFrewatch Mining in DRC Economy Mining tax 

ASADHO calls on DRC govt to carry out the necessary staffing for implementation of EITI activities

arnbethnic
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
DRC Mining Code Mining in DRC Mining tax Taxes 

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

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
zambian flag Mining in Zambia Mining tax 

Zambia continues to vex its mining sector

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
Glencore Taxes Economy Mining in DRC Mining tax 

Glencore paid DRC Govt $614-million in 2019

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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