Zambia Mining News

Miners vs African governments: The fight's just getting started

Ghanaian President Nana Akufo-Addo issued a firm warning: stop expecting supercharged profits from Africa’s mineral riches.

Glencore's Zambian unit suspends operations after three workers die in fire

Mopani is one the biggest mining companies in Zambia -- Africa's No. 2 copper producer.

First Quantum inks $2.7B refinancing deal

Company has signed a new $2.7-billion term loan and revolving credit facility, replacing the existing $1.5 billion one.

Zambian finance chief holds firm on higher mining royalties

“There is no renegotiation taking place because a law has been passed in parliament to change the tax regime."

Zambia receives bids for stake in state mining investment arm

The offers relate to the ministry's 17% holding in ZCCM-IH and a sale would be subject to cabinet approval.

First Quantum is said to offer $700m for Zambia mine

The deal would also include ZCCM-IH dropping a $1.4 billion legal claim against First Quantum over a loan the company received from Kansanshi.

Africa Mining Indaba: Dam safety, Zambia taxes, Ford on cobalt

Executives, investors and government officials met in Cape Town at the African Mining Indaba, the continent’s biggest gathering of one of its most essential industries.

Zambia fires CEO of state mining investment arm ZCCM-IH

Zambia, Africa's No.2 copper producer, introduced a new 10 percent tax when the price of copper exceeds $7,500 per tonne.

Vedanta’s Zambia unit says new tax regime won't affect jobs

“Our actions are designed to sustain and create jobs, grow the economy, and contribute more to the treasury.”

Gemfields to pay $7.8m to settle human rights abuses claims in Mozambique

The precious gemstones miner has agreed, on a no-admission-of-liability basis, to settle claims brought against it by a group of 273 Mozambicans related to its ruby mine in northern Mozambique.

Barrick CEO on Zambia tax dispute: Threats don't solve problems

“We don’t believe that threatening one’s partner is a constructive way to go about solving problems.”

First Quantum calls off massive job cuts in Zambia

The Canadian miner planned to lay off 2,500 workers due to higher mining taxes in the country, but has now decided to continue dialogue with the government over the issue.

Barrick mulls selling Zambia copper mine over higher taxes

While company denied media reports that it had sold Lumwana, it said that given the challenging conditions the mine was facing in Zambia, all options would have to be considered.

Vedanta tells top English court pollution case should be heard in Zambia

The two-day hearing will be watched by other multinational companies with a base in London and facing legal challenges about their operations abroad.

Zambia Vedanta unit halts operations at underground mine on tax concerns

Konkola Copper Mines (KCM), majority owned by Vedanta, suspended operations at its Nchanga mine following the introduction of an import duty on copper concentrates, the company said.

Zambia says audit shows mining firms in arrears to government

Mining companies have been demanding Zambia pay the $550-$600 million due to them in Value Added Tax (VAT) refunds.

Zambia says mines have failed to show impact of higher taxes

The Chamber of Mines said that as a result of the changes, more than 58% of Zambia's copper producers would be loss-making at current prices.

First Quantum Minerals to let 2,500 workers in Zambia go over tax hikes

The Canadian miner said the job cuts will be implemented in phases during the first quarter of 2019, adding they’ll be equally split between its Kansanshi and Sentinel mines.

Zambia tax hike to make most mines unprofitable, group says

The effective tax rate will range from 86% to 105%, with about 27,900 jobs at risk - Zambia Chamber of Mines.

Zambia tax authority clears Gemfields’ Kagem mine of tax evasion

There were no findings of wrongdoing or late payment, the Zambia Revenue Authority (ZRA) said.

Zambia threatens to expel foreign workers over mine job cuts

Mining companies in Zambia have warned that an increase in royalties set for Jan. 1 will lead to more than 21,000 job cuts.

Zambia's chamber of mines sees 21,000 job cuts due to higher taxes

Africa's No.2 copper producer plans to introduce new mining duties, replace Value Added Tax with sales tax and increase royalties to help bring down mounting debt.

Zambia's copper output up 10.4 year/year in September

Mining companies operating in Zambia include NFC Africa, majority owned by China Non-ferrous Metals Company Limited (CNMC), Canada’s First Quantum Minerals, Glencore, Barrick Gold and Vedanta Resources.

Zambia power system glitch cuts electricity supply to some mines

Power restoration has started but it will be gradual.

Glencore boss Ivan Glasenberg to retire in 3-5 years — report

He is said to have already begun training three to four people to succeed him in the job.