Taxes - Copperbelt Katanga Mining

ZCCM-IH Post-Tax Losses Surge to Over K4 Billion in 2023

June 19, 2024June 19, 2024 Constance

Zambia Consolidated Copper Mines Limited (ZCCM-IH) has reported a significant increase in post-tax losses for the 2023 financial year, reaching over K4 billion (approximately $222 million). According to financial statements reviewed by Zambian Business Today (ZBT), the group faced notable financial challenges in 2023. Post-tax losses rose from ZMW3,786 million ($222.03 million) in 2022 to ZMW4,076 million ($198.59 million) in 2023. The primary factor contributing to this increase was the underperformance of Mopani Copper Mines Plc, which reported a substantial loss of ZMW8.97 billion ($436.94 million). “Mopani’s lower copper production… Read More Here

Mining in Zambia Copper Economy Mining tax Taxes

Mopani Copper Mines Pays K341 Million in Taxes Following IRH Takeover

June 15, 2024June 15, 2024 Constance

Mopani Copper Mines, under the management of International Resources Holdings (IRH) since March, has paid K341 million in taxes, as disclosed by the government. IRH took over management of Mopani with government support earlier this year, resulting in significant operational and financial improvements for the company. During a visit by IRH Chief Financial Officer Abhinay Khowala to Finance and National Planning Minister Situmbeko Musokotwane on June 11th, the substantial tax payments by the company were highlighted. Khowala praised Zambia as a favorable mining destination, emphasizing the company’s financial reliability and… Read More Here

Mining in DRC Mining tax Taxes

DRC Mining Cadastre Urges Compliance with Concession Tax Payments

June 9, 2024June 9, 2024 Constance

The Mining Cadastre (CAMI) issued a press release on Friday, May 31, 2024, urging holders of mining or quarry rights to comply with the payment of taxes on the area of mining concessions. This announcement follows a memorandum of understanding signed between CAMI and the General Directorate of Revenue of Lualaba (DRLU), which aims to ensure that all mining and quarry right holders meet their financial obligations. CAMI specifically addressed those who have not yet paid the tax on the area of mining concessions for the 2024 fiscal year. The… Read More Here

Mining in Zambia Copper Mining tax Taxes

FQM AFFIRMS COMMITMENT TO ZAMBIA’S GROWTH WITH OVER $727.8M CONTRIBUTION IN 2023

June 1, 2024June 1, 2024 Constance

First Quantum Minerals (FQM), has reaffirmed its commitment to transparency and sustainable development in Zambia by announcing US$727.8 million of contributions to the nation in 2023, according to the company’s latest Tax Transparency and Contributions to Government Report. The report highlights FQM’s contributions to the Zambian economy and local communities through its Kansanshi copper mine in Solwezi, Trident projects in Kalumbila, as well as First Quantum Mining and Operations (FQMO). In 2023, FQM’s Kansanshi contributed US$153.3 million, while FQM Trident contributed US$263 million in taxes and royalties. Of the royalties paid at… Read More Here

Mining in Zambia Economy Taxes

Zambia Revenue Authority Exceeds Q1 Revenue Target

April 7, 2024April 7, 2024 Constance

The Zambia Revenue Authority (ZRA) has reported a revenue collection of 28.4 billion kwacha in the first quarter of 2024, surpassing the targeted 28.1 billion kwacha by 339 million kwacha. ZRA Commissioner General, Dingani Banda, disclosed this in Lusaka today during a presentation at the Economics Association of Zambia (EAZ) Summit, delivered on his behalf by ZRA Acting Commissioner for Business Facilitation, Richard Kapasa. Mr. Banda outlined that ZRA aims to collect 125.3 billion kwacha through various taxes this year, marking a 21.5% increase from last year’s collection of 103… Read More Here

International Mining tax Taxes

Rio Tinto’s Global Tax and Royalty Contributions in 2023

March 29, 2024March 29, 2024 Constance

Rio Tinto, a diversified mining company, reported substantial tax and royalty payments totaling $8.5 billion worldwide in 2023, with the majority allocated to Australia, where it conducts nearly half of its global operations. Compared to the $10.8 billion paid in 2022, which included $1.5 billion in Australian corporate tax payments related to previous years, the 2023 figure reflects a decrease. In Australia, tax and royalty payments amounted to $6.6 billion in 2023, inclusive of $4.1 billion in corporate tax payments. Additionally, Rio Tinto disbursed significant sums in Canada ($601 million),… Read More Here

Mining in Zambia Copper Economy Gold Taxes

Local First Policy Drives Barrick’s Procurement Practices

July 2, 2023July 2, 2023 Constance

The Lumwana copper mine has purchased approximately $4.3 billion in goods and services from Zambian registered businesses since it went into production, in line with Barrick Gold Corporation’s (NYSE:GOLD)(TSX:ABX) local procurement and economic development practices. President and chief executive Mark Bristow said Lumwana’s local procurement expenditure in 2022 was $432 million, out of a total of $520 million, which represents 83% of the mine’s total procurement spend. Since 2019, when Barrick was reconstituted following its merger with Randgold Resources, local expenditure has increased year on year. Additionally, all Lumwana’s copper… Read More Here

Mining in DRC Economy Taxes

DRC’s President Urges Stronger Tax Control to Boost Revenue

May 22, 2023May 22, 2023 Constance

During the ninety-ninth meeting of the Council of Ministers held on Friday, May 19, 2023 in Kinshasa, the President of the Democratic Republic of Congo (DRC), Félix Tshisekedi, instructed the Congolese Government to strengthen tax control, with assistance from the General Inspectorate of Finance (IGF), to increase public revenue during this fiscal year. President Tshisekedi has asked all members of the Government to spare no effort to take the necessary measures likely to increase revenue mobilization for the current financial year. According to information from the Minister of Communication and… Read More Here

Mining in DRC Artisanal mining Cobalt Taxes

New effort maps taxes and fees to increase transparency in Congo’s artisanal cobalt supply chain

April 10, 2023April 10, 2023 Constance

Studies show that heavy taxes and complex administrative burdens encourage extortion, smuggling, and debt bondage. IMPACT is launching a new project tackling corruption in Democratic Republic of Congo’s (DRC) artisanal cobalt sector with an effort to map all the taxes and fees supply chain actors are legally required to pay. The Mapping Payments project, which is implemented in collaboration with the Congolese non-profit Action pour la Défense des droits humains (ADDH), kicked off last month with a workshop in Kolwezi, Lualaba Province—the town at the heart of DRC’s artisanal cobalt mining sector.… Read More Here

Mining in DRC Oil & Gas Taxes

DRC to Introduce two new Laws to Increase Tax Revenues from the Oil industry to $450M Annually

March 8, 2023March 8, 2023 Constance

The decree on eligibility criteria and methods for calculating losses and shortfalls (being finalized) and the one on the methods for fixing the price of diesel sold to mining companies in the southern zone (signed recently) will allow the Congolese Government to save nearly 157 million on the oil subsidy and the improvement of the taxation of the oil sector for an envelope estimated at 450 million USD/year, or 4% of the current revenue of the Central Power Budget. The Acting Minister of the National Economy, Nicolas Kazadi, indicated, during… Read More Here