Zambia Mining News

Zambia's finance minister says new mining taxes will not hit operations

Mining companies operating in Zambia will still meet their operational costs even after the government imposes higher taxes.

ERG bets on cobalt from Congo in quest for growth

Eurasian Resources Group (ERG) plans to ramp up cobalt output at its Democratic Republic of Congo (DRC) facility as it expects the electric car industry to boost demand for the metal.

Britain's CNM plans to relaunch Zambia nickel mine next year

The decision to restart output at the mine comes despite plans by the government to hike mining taxes to bring down mounting public debt.

Zambia says open to dialogue with miners over tax increases

Africa's second-largest copper producer said late last month that it would introduce new mining duties and increase royalties to help bring down mounting debt.

Zambia tax hikes to `break economy's back,' mines lobby says

The country's proposed mining tax increases would hobble Africa's second biggest copper industry, miners say.

Zambia mines to pay mineral royalties in dollars to stabilize kwacha

Zambia has asked mining companies to pay mineral royalties directly to the central bank in dollars as one of the measures to help stabilise its kwacha currency

Zambia hikes mining taxes in 2019 budget to rein in debt

Delivering a $7.1 billion budget in parliament, Margaret Mwanakatwe pledged to bring debt down and to trim the fiscal deficit to 6.5 percent of GDP in 2019.

Zambia to trim budget gap; May be considering higher mine taxes

The Finance Ministry is targeting a budget shortfall of 6.5 percent of gross domestic product next year, compared to 7.4 percent this year.

Zambia tax authority goes after Gemfields

Zambia’s Revenue Authority served the firm two search warrants during an unannounced visit to its Kagem mine.

Zambia delays projects to cut debt and woo IMF back to talks

The IMF has warned the southern African nation is at high risk of debt distress, while investors have grown skeptical about the amount of external loans.

Zambia aiming for power prices that reflect costs by end 2018

The new measure will affect global mining firms including First Quantum Minerals, Glencore, Barrick Gold Corp and Vedanta Resources which currently pay a flat rate of 9.30 cents/kWh.

Ten killed in Zambia copper mine dump collapse — police

Another 10 are injured after a dumping site for copper mining waste collapsed in the town of Kitwe in the country's Copperbelt province

Vedanta to double output at Zambia's Konkola Copper Mines – regional CEO

Vedanta's Deshnee Naidoo told Reuters, adding that KCM is on track to produce 400,000 tonnes of copper a year in the next few years.

Agarwal wants to build Indian commodity giant to rival majors

Despite its insatiable appetite for materials, India is yet to impose itself among the mining heavyweights like Australia, China or even the U.K.

Gemfields driving proof of origin and greater transparency for coloured gemstone sector

The coloured gemstone sector has no system, globally at scale, that allows gemstones to be confidently traced from mine to market.

Zambia concludes mine tax audits after slapping huge bill on First Quantum

First Quantum said that Zambia's tax agency had demanded the taxes, saying they were on import duties, penalties and interest on consumables and spare parts.

Gemfields talks up ‘responsibility’ amid lawsuit over alleged human rights abuses

The UK miner, which is the world's top coloured gems producer, is also adopting a new technology to further drive transparency in the sector.

Barrick Gold cuts 2017 compensation for top two executives

The decision was made to reflect a challenging "shareholder experience" and operations at some mines.

As commodities roar, Africa wants bigger slice of mining pie

A lack of returns to governments is drawing a backlash from Mali in the Sahara to Tanzania on the Indian Ocean.

Barrick Gold yet to feel the heat in Zambian tax crackdown

The Toronto-based company, which operates the Lumwana mine, hasn’t received any notifications from the tax authority.

First Quantum dodges catastrophe as CEO moves to dispute tax bill

Zambia Revenue Authority claims the company owes $2.1 billion in penalties and $5.7 billion in interest.

First Quantum confirms $7.9bn Zambian tax assessment

Shares of First Quantum fell as much as 13 percent in Toronto and were down 12 percent when the stock was halted ahead of the statement.

Zambia to conduct tax audit of mining companies for past 6 years

The Zambia Revenue Authority may extend the period of the audit should it find a pattern of “consistent, systematic, premeditated” tax evasion.

Zambia targets one million tonnes copper output this year

Rising copper prices were also expected to boost revenue collection in Africa's No.2 producer of the metal.

Zambia to start forcing miners to move 30% of minerals by rail

Country's Chamber of Mines says rail system is not ready to handle that amount of cargo, adding that the potential impact on the mining industry has not been properly considered.