The coloured gemstone sector has no system, globally at scale, that allows gemstones to be confidently traced from mine to market.
Zambia Mining News
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.
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.
The decision was made to reflect a challenging "shareholder experience" and operations at some mines.
A lack of returns to governments is drawing a backlash from Mali in the Sahara to Tanzania on the Indian Ocean.
The Toronto-based company, which operates the Lumwana mine, hasn’t received any notifications from the tax authority.
Zambia Revenue Authority claims the company owes $2.1 billion in penalties and $5.7 billion in interest.
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.
The Zambia Revenue Authority may extend the period of the audit should it find a pattern of “consistent, systematic, premeditated” tax evasion.
Rising copper prices were also expected to boost revenue collection in Africa's No.2 producer of the metal.
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.
The Swiss miner and commodities trader Glencore said its solid finances will let it to pursue more acquisitions if opportunities arise.
As part of Gemfields' philosophy of “total transparency”, the company revealed is facing claims of human rights abuses in Mozambique, where it mines rubies.
ZCCM-IH launched action in Oct 2016 to sue First Quantum over claims that the company borrowed $2.3bn from copper mining subsidiary without informing them.
Transport Minister Brian Mushimba said there was evidence of huge imbalance between use of road and rail sector leading to the underperformance of railways.
The line is an important route for copper exports from Zambia and the Democratic Republic of Congo, Africa’s top copper producer.
London's Court of Appeal opened the way for nearly 2,000 Zambian villagers can pursue a claim for damages.
Mainly due to lower output from Konkola Copper Mines, a subsidiary of London-listed Vedanta Resource
Power has been restricted due to a dispute over new, higher tariffs.
Mopani Copper Mines, Glencore's Zambian unit, said on Tuesday it may lay off nearly 5,000 workers due to a dispute with its electricity supplier over prices that has led to reduced power supply to its […]
Zambia's state power company reduced electricity supply to two First Quantum copper mines because the mining firm had failed to pay the new flat electricity tariff.
Zambia's state power company made the decision amid an ongoing dispute over the implementation of new electricity tariffs in the country.
Glencore's Zambian Mopani Copper Mines unit suspended operations in certain areas on Saturday after the Copperbelt Energy Corporation (CEC) restricted power supply to its sites in both the Kitwe and Mufulira regions.
Zambia's Konkola Copper Mines (KCM) said on Tuesday it was halting operations indefinitely at its Nchanga underground mine (NUG) in Chingola state due to theft of high voltage cables.
The South African firm has secured control of the gemstones producer and plans to delist it.