NEWS RELEASE
MINING TAX OVERHAUL IMPRESSES FQM
FOR IMMEDIATE RELEASE
WITH PICTURE
OCTOBER 30, 2021,
LUSAKA, ZAMBIA – The new UPND government’s plan to rationalise the mining tax regime to attract investment and boost production has been welcomed by the country’s largest taxpayer, First Quantum Minerals (FQM).
The 2022 Budget – under the theme ‘Growth, Jobs and Taking Development Closer to the People’ – presented to Parliament on Friday (October 29, 2021) by Minister of Finance and National Planning Dr Situmbeko Musokotwane unveiled a key revision to the Zambia mining tax regime; namely the return to the approach followed by other global mining jurisdictions which enables companies to deduct mineral royalty tax payments against corporate income tax.
First Quantum paid more than US$850 million in taxes, royalties, duties, and fees to the Zambian government, along with community and infrastructure expenditure in 2020.
Despite the additional challenges faced in 2020, FQM achieved its highest-ever annual copper production, which was reflected in the increased amount of its contributions to Zambia’s public finances. The report shows that FQM paid approximately US$209.5 million in mineral royalties ($195.8m, 2019), and a further $202.8 million in company income tax in Zambia during 2020 ($176.2m, 2019).
About First Quantum Minerals Ltd
First Quantum Minerals Ltd is a global metals and mining company producing mainly copper, gold and zinc. The company’s assets are in Zambia, Spain, Mauritania, Australia, Finland, Turkey, Panama, Argentina and Peru.
In 2020, First Quantum globally produced 779,000 tonnes of copper, 265,000 ounces of gold and 13,000 tonnes of nickel.
In Zambia it operates the Kansanshi mine – the largest copper mine in Africa by production – and smelter and the Sentinel mine in Kalumbila.
The company is listed on the Lusaka and Toronto stock exchanges.
For media inquiries please contact:
Gillian Langmead at Langmead & Baker Ltd;
+260 979 060705;
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