FQM pays $3.5bn tax to ZRA


FIRST Quan­tum has paid $3.5 bil­lion in taxes to the Zam­bia Rev­enue Author­ity (ZRA), US$200m to ZCCM-IH as div­i­dends while US$100m has gone to­wards in­vest­ment in com­mu­nity de­vel­op­ment, coun­try man­ager, Kingsley Chikuli has dis­closed.

Gen­eral Chinkuli ex­plained that the fig­ures re­flect the im­por­tant role min­ing com­pa­nies play in the Zam­bian econ­omy.

Gen Chinkuli said the cur­rent in­vest­ment by FQM into the Zam­bian econ­omy to­talled over US$5bn, adding that this in­vest­ment in turn de­liv­ers tan­gi­ble so­cial im­prove­ment to thou­sands of Zam­bians.

He noted that this clearly shows that what is good for the in­vestor is good for Zam­bia.

Gen Chinkuli said that through the Cham­ber of Mines, the min­ing in­dus­try en­joys an open and hon­est re­la­tion­ship with the gov­ern­ment, and that a nat­u­ral equi­lib­rium must be sought to en­sure that all Zam­bians get their fair-share of the prof­its.

“A good ex­am­ple to show­case this re­la­tion­ship is the Sol­wezi-Chin­gola Road; a strate­gic artery which car­ries up to 60 per­cent of Zam­bia’s min­eral wealth.

“The gov­ern­ment came to us at the on­set of the rains and said they needed as­sis­tance to keep this road open to busi­nesses and com­mu­ni­ties. First Quan­tum has uni­lat­er­ally re­ha­bil­i­tated this road to a high stan­dard,” Gen Chinkuli said.

And First Quan­tum Min­er­als’ sub­sidiary Kansan­shi Mine recorded the high­est lev­els of cop­per pro­duc­tion among the ma­jor mines in Zam­bia in 2015, ac­cord­ing to the just-pub­lished sum­mary of the Ex­trac­tive In­dus­tries Trans­parency Ini­tia­tive (ZEITI) 2015 re­port.

The re­port also con­firmed that the Zam­bian gov­ern­ment recorded pay­ments of more than K9 bil­lion from the min­ing sec­tor dur­ing 2015. Of that, cop­per and cobalt pro­duc­ers con­trib­uted 86 per­cent (K7.8 bil­lion) and ce­ment pro­duc­ers 7 per­cent, with other ex­trac­tive pro­duc­ers ac­count­ing for the re­main­ing 7 per­cent.

FQM smelter

Newspapers in English

Newspapers from Zambia

© PressReader. All rights reserved.