Taxes - Copperbelt Katanga Mining

More than $4bn a year in high-risk gold flows from DRC, Uganda, Rwanda, CAR and others 1

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

Mining in DRC Taxes

DRC: Kibali Gold Mine expects government to reimburse its 195 million USD collected as VAT

February 3, 2021February 3, 2021 admin

The mining company Kibali Gold Mine intends to settle this year with the new government which will be put in place a certain number of unresolved legal and fiscal questions, including that relating to the reimbursement of its 195 million USD collected by the tax authorities as VAT, overdue until December 31, 2020. It is the general manager of Barrick Gold, Mark Bristow, who declared it on Tuesday, February 2 during the presentation in Kinshasa of the production results of Kibali Gold Mine for the financial year 2020. While reiterating… Read More Here

Mining in DRC Taxes

DRC: government resorts to tax advances from miners to the tune of 141 million USD to fill the budget deficit of December 2020

January 25, 2021January 25, 2021 admin

December has always been a difficult month for public finances as spending is usually high while revenues are limited. Thus, in December 2020, the Ilunkamba government resorted to advances from mining companies for taxes amounting to 262.7 billion CDF (141.846 million USD at the budgetary rate of the Amending Budget of 1852 FC the US dollar. ) to try to curb the realized monthly budget deficit, according to the data of the financial operations of the Treasury account. Indeed, in December 2020, public spending peaked at CDF 969.8 billion against resources… Read More Here

Taxes Mining in Zambia

Indebted Zambia pays $400m in VAT refunds to mining firms

January 14, 2021 admin

Zambia paid 8.5 billion kwacha ($400 million) in value-added tax refunds to mining companies last year, the head of the tax authority said on Wednesday, equal to about 3.5% of the external debt that the southern African country is struggling to repay. Zambia, Africa’s second-largest copper producer, is negotiating with creditors to try to get debt relief, after it defaulted on a $42.5 million coupon in November. The economy was already struggling even before the coronavirus pandemic owing to low prices for copper, its main export, and the IMF had classified it… Read More Here

Mining in Zambia Taxes

High royalties and tax payout for Kansanshi, Kalumbila

December 15, 2020December 15, 2020 admin

The latest Zambia Extractive Industry Transparency Initiative (ZEITI) report has indicated that First Quantum Minerals (FQM) contributed the majority of government revenue generated from the extractive sector in 2019. According to the report, the mining giant’s two subsidiaries – Kansanshi Mining Plc and Kalumbila Minerals Ltd, contributed K5.7 billion and K2.6 billion respectively, representing 31 percent and 14.4 percent of total payments in the year. FQM’s total contribution of K9,347 billion – which includes K973.65 million from First Quantum Mining and Operations – represented 51 percent of the K18.4 billion… Read More Here

Mining in DRC Taxes

DRC recovered USD 482 million in the first half of 2020 on taxes for mining production

November 19, 2020November 19, 2020 admin

The DRC Ministry of Mines collected 482 million 111,023.22 USD in the first half of 2020 as direct and indicts taxes, customs duties and state revenues and participation from the mining industry in the Democratic Republic of the Congo, according to statistics officials of this ministry. During the first half of 2020, the same Ministry of Mines indicates that 789,793 tons of metal copper and 38,816 tons of cobalt were sold by the mining industry of the Democratic Republic of Congo of which 761,230 tons and 37,990 tons were exported.… Read More Here

Mining in Zambia Taxes

Zambian State Assures Mines of Stable tax

November 16, 2020November 16, 2020 admin

THE mining sector has been assured by Government of stable tax measures to improve its operations. Minister of Mines and Minerals Development Richard Musukwa said there will be no surprises for the mining sector’s tax measures because Government wants to be consistent. The minister said this yesterday when Zambia Chamber of Mines chief executive officer Sokwani Chilembo met him at his office. “Government is ready to listen to the industry and create a win-win situation. Some measures we have put in place are meant to seal loopholes of illegal vices… Read More Here

Mining in DRC Taxes

Money for Development Consortium calls on DRC government to efficiently manage royalty taxes paid to Provincial administrations

October 16, 2020October 16, 2020 admin

The Makuta ya Maendeleo Consortium (Money for Development) invites the government of the Democratic Republic of Congo to initiate inclusive consultations with all stakeholders in order to define a coherent national policy for the collection, distribution and allocation of funds from 25 % and 15% of the mining royalty paid to Provinces and Decentralized Territorial Entities (ETD) for the financing of sustainable development projects in provinces and mining areas. Since the second half of 2018, several mining provinces and ETDs have directly received the quotas of 25% and 15% of… Read More Here

Mining in Zambia Copper Taxes

Zambian royalty spat halts $2bn of copper mine investment

September 30, 2020September 30, 2020 admin

Copper miners in Zambia have halted $2-billion of planned investments because a royalty tax introduced last year makes the projects unviable, according to an industry lobby group. A plan by First Quantum Minerals to invest $1-billion extending the life of its Kansanshi operation won’t proceed until the royalty is scrapped, said Sokwani Chilembo, chief executive officer of the Zambia Chamber of Mines. The same goes for EMR Capital-backed Lubambe Copper Mine’s project to invest a similar amount in a new mining operation, he said. “We need this royalty payment regime removed for… Read More Here