Taxes - Copperbelt Katanga Mining

Putting windfall tax to work for Zambia

July 18, 2021July 18, 2021 arnbethnic

Using a mining-related tax windfall to pay off some debts is Zambia’s best move, say experts The Zambian Government’s collection of ZMW 40.1 billion in revenue and grants between January and May 2021 has been welcomed by the Secretary to the Treasury, which noted last month that the sums collected are “an impressive 43 percent above projections.” Substantial increases in income tax receipts, and VAT, were driven by increased payments by mining companies, according to the Treasury. The single most outstanding contribution from the mining sector came in the form… Read More Here

Mining in DRC Mining Companies Taxes

Mining companies in Lualaba pay 1.1 billion USD in terms of taxes and royalties

July 12, 2021July 12, 2021 admin

Thirty-nine mining companies based in Lualaba province paid a total of US $ 1.1 billion from June 2018 to June 2021, according to statistics from the Ministry of Mines. According to the source, the equivalent of US $ 1,158,096,167 was paid. According to the provisions of the mining law, 50% of this amount was allocated to the central power, ie USD 579,048,083; 25% of the total amount to Lualaba province, i.e. 289,524,042 USD and 15% to Decentralized Territorial Entities (ETD) (173,714,425 USD) and 10% to the Mining Fund for Future Generations… Read More Here

Mining in DRC Covid-19 Mining Companies Taxes

DRC: Glencore paid the state $ 424 million in taxes, royalties and other payments in 2020 (report)

July 12, 2021July 12, 2021 admin

The industrial mining company Glencore present in the Democratic Republic of Congo (DRC) has paid 424 million US dollars to the Congolese government in terms of taxes, duties and royalties. In its report released last weekend, mining giant Glencore said it allocated US $ 331 million in capital spending last year. The same report states that Glencore’s activities have provided employment for 14,500 employees and contractors. It emerges from this report that the set of payments made in 2020 is much lower than the 843.407 million USD paid on behalf… Read More Here

Mining in DRC Taxes

DRC-Rwanda: three cooperation agreements on investments, taxation and mining

June 28, 2021June 28, 2021 admin

The Democratic Republic of Congo and Rwanda signed on Saturday June 26 at the Serena Hotel in Goma three cooperation agreements. It was on the sidelines of the visit of Rwandan President Paul Kagame to Goma at the invitation of his Congolese counterpart, Félix Tshisekedi. The first government agreement concerns the promotion and protection of investments. It was signed by the foreign trade ministers of the two countries, reports the Presidential Press. The second agreement is an agreement between the two countries in order to avoid double taxation and prevent tax evasion… Read More Here

Mining tax Governance Mining in DRC Taxes

Mineral Royalty in DRC Marred by Many Irregularities

June 22, 2021June 22, 2021 arnbethnic

Mining royalty in the DRC marred with minimum actions, payments unknown to the public, transparency suspicions, management leaves much to be desired in ETDs in greater Katanga The mining royalty is undoubtedly the delight of the Decentralized Territorial Entities (ETD) which house mining companies exploiting copper and cobalt in the former Katanga. This is an innovation of the 2018 reform of the 2002 mining code. However, despite the improvements brought about by this law, transparency in the management of the funds of this precious sesame poses a problem while this… Read More Here

Mining in Zambia Taxes

Zambia at odds with copper miners over new tax regime

May 22, 2021May 22, 2021 admin

Zambia’s new tax regime has resulted in significantly higher royalty bills than in the past, pitting the nation against copper mining companies. Zambia is Africa’s second-largest copper producer, behind only the Democratic Republic of the Congo. As of 1552 GMT, the London Metal Exchange three-month copper price was trading at $10,406.50/mt ($4.72/lb), up from a record high of $10,747.50/mt on May 10. The price was $5,249/mt a year ago when the COVID-19 pandemic first struck. Zambia uses a sliding scale to determine its mining royalty rate for copper, linked to… Read More Here

Mining in Zambia Taxes

Zambia’s president provides assurances to mining investors

May 6, 2021May 6, 2021 admin

Zambia’s president, Edgar Lungu, promised mining investors on Thursday that his country would create a more streamlined tax administration system to make it easier for them to do business. Zambia’s mining tax regime has been a thorny problem since the privatization of mines in the early 1990s, said Edgar Lungu in a speech read on his behalf by his deputy Inonge Wina. Speaking in the capital Lusaka during the opening of a mining sector indaba (conference), the president said: “My government is determined to take significant steps to resolve policy… Read More Here

Mining in DRC Taxes

The provincial government wants to encourage mining operators to pay taxes correctly – DRC

April 3, 2021 admin

The governor ai of Lualaba, Fifi Masuka Saïni, this Thursday, April 1, sensitized mining operators to respect for tax culture in order to generate the financial means to develop the province in the interest of all. This meeting took place in the presence of senior officers of the FARDC and the Congolese National Police. Through this meeting, Fifi Masuka wants to encourage mining operators to pay taxes correctly. Traders, managers of mining cooperatives as well as state services working in this sector took part in this exchange among others. “Today we have… Read More Here

Mining in DRC Gold Taxes

More than $4bn a year in high-risk gold flows from DRC, Uganda, Rwanda, CAR and others

March 5, 2021March 5, 2021 admin

The US and the EU must work with African governments to harmonize gold export taxes to reduce smuggling and promote conflict-free gold, says the investigative and policy group The Sentry. Uganda, Rwanda, the Democratic Republic of Congo (DRC), the Central African Republic (CAR) and Cameroon are the states that most urgently need to tackle the issue, says The Sentry’s report published in February. Uganda and Cameroon have substantially lower gold taxes than exist in the DRC or the CAR, which makes it much more profitable to smuggle gold to those countries, the report finds. The report estimates that $4 billion… Read More Here

Taxes

Glencore to pay $1.6bn dividend, will consider ‘top up’ payment on strong 2021 prospects

February 16, 2021February 16, 2021 admin

GLENCORE resumed the dividend payment as previously flagged saying in its 2020 year-end presentation today it would pay out 0.12 US cents per share, equal to $1.6bn in total. It added, however, that it would consider a “top-up” payment at the interim stage in June given that annualised free cash flow as of end-January had been $7.2bn. The group added it had a preference for dividends over share buy-backs. The decision to press ahead with a dividend payment was partly based on having becalmed the balance sheet. Net debt came in… Read More Here