{"id":36190,"date":"2022-12-10T23:37:09","date_gmt":"2022-12-10T23:37:09","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/first-quantum-to-pay-zccm-ih-in-revenue-royalty-following-zambia-tax-change"},"modified":"2022-12-10T23:37:09","modified_gmt":"2022-12-10T23:37:09","slug":"first-quantum-to-pay-zccm-ih-in-revenue-royalty-following-zambia-tax-change","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/first-quantum-to-pay-zccm-ih-in-revenue-royalty-following-zambia-tax-change","title":{"rendered":"First Quantum to pay ZCCM-IH in revenue royalty following Zambia tax change"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>First Quantum Minerals has agreed to convert dividends from its Zambian copper mine Kansanshi to a revenue royalty, the Canadian firm said today. The agreement follows fiscal changes implemented by Zambian president Hakainde Hichilema shortly after his election in 2021 in which royalties were made tax deductible.<\/p>\n

In terms of the agreement, Zambia\u2019s government-controlled ZCCM-IH will receive 3.1% in a revenue royalty from the mine which is forecast to produce between 140,000 and 150,000 tons for the financial year ended December 31.<\/p>\n

First Quantum said ZCCM-IH would continue to be represented on the Kansanshi Mining board to \u201censure full visibility and transparency in respect to KMP\u2019s future operations\u201d.<\/p>\n

\u201cWe are pleased to enter into this new arrangement for the benefits flowing from the Kansanshi mine,\u201d said Tristan Pascall, CEO of First Quantum in a statement. The royalty-for-dividends agreement comes ahead of the proposed $1.25bn expansion of Solwezi section, known as the S3 project, at Kansanshi.<\/p>\n

This was announced in May when a total of $1.35bn in projects for Zambia were unveiled including the final $100m installment on its $250m Enterprise nickel project in Kalumbila.<\/p>\n

\u201cWe look forward to continuing the collaborative relationship with ZCCM-IH as we advance KMP,\u201d said Pascall.<\/p>\n

The agreement with the ZCCM-IH is further evidence of a thawing of relations between First Quantum and the Zambian government following Hichilema\u2019s election.<\/p>\n

Two months after his election he reformed the country\u2019s tax regulations in its national budget. The S3 project will extend the life of Kansanshi until the 2040s, and increase copper and gold production by around 25%.<\/p>\n

The project will also add approximately 800 permanent jobs, and a further 1,800 during the construction phase. \u201cCrucially, it also safeguards the futures of the 8,500 people already employed at Kansanshi,\u201d First Quantum said earlier this year.<\/p>\n

The Enterprise mine will produce some 10,000 tons of nickel concentrate a year. According to First Quantum it will make Zambia a \u201cpre-eminent nickel producer\u201d supplying manufacturers of batteries for electric vehicles. The mine is expected to be operational within 12 months\u2019 time and employ about 700 full time staff.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. First Quantum Minerals has agreed to convert dividends from its Zambian copper mine Kansanshi to a revenue royalty, the Canadian firm said today. The agreement follows fiscal changes implemented by Zambian president Hakainde Hichilema shortly after his election in 2021 in which royalties were made tax deductible. In terms of the agreement, […]<\/p>\n","protected":false},"author":84,"featured_media":36189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,248],"tags":[234,235,233],"class_list":["post-36190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-to-homepage","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nFirst Quantum to pay ZCCM-IH in revenue royalty following Zambia tax change - Zambia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/first-quantum-to-pay-zccm-ih-in-revenue-royalty-following-zambia-tax-change\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Quantum to pay ZCCM-IH in revenue royalty following Zambia tax change\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Zambia. First Quantum Minerals has agreed to convert dividends from its Zambian copper mine Kansanshi to a revenue royalty, the Canadian firm said today. The agreement follows fiscal changes implemented by Zambian president Hakainde Hichilema shortly after his election in 2021 in which royalties were made tax deductible. 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