{"id":9256,"date":"2021-11-06T02:18:52","date_gmt":"2021-11-06T02:18:52","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer"},"modified":"2021-11-06T02:18:52","modified_gmt":"2021-11-06T02:18:52","slug":"barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer","title":{"rendered":"Barrick\u2019s Bristow says Zambian fiscal reform \u201ca very significant event\u201d for copper producer"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>The normalization of Zambia\u2019s fiscal regulations was \u201ca very significant event\u201d for the country in its attempt to attract new investment, said Mark Bristow, CEO of Barrick Gold.<\/p>\n

Only two months after the election of Hakainde Hichilema as Zambia\u2019s new president, the country reformed tax regulations in its national budget last week.<\/p>\n

New rules mean that royalties mining companies pay are deductible from corporate tax, reversing an unpopular decision taken by President Hichilema\u2019s predecessor, Edgar Lungu.<\/p>\n

Barrick Gold operates the Lumwana copper mine in Zambia which is on course to contribute roughly 20% of the group\u2019s annual earnings before interest, tax, depreciation, and amortization owing to the improvement in the copper price.<\/p>\n

\u201cIt\u2019s been an absolute pleasure dealing with this [Hichilema\u2019s] new Government and the real reward is that the mine is really delivering,\u201d Mr. Bristow said regarding Lumwana which he estimated would deliver $400m a year, and possibly even more with the relaxation in Zambia\u2019s fiscal regime.<\/p>\n

Zambia has targeted an increase in copper production of about three million tons a year in ten years from the current production of about 800,000 tons.<\/p>\n

\u201cThere\u2019s no doubt that Zambia is under-invested,\u201d said Bristow.<\/p>\n

The improvement in the copper price also means that Barrick will have more flexibility on whether it proceeds to the development of a super-pit at Lumwana.<\/p>\n

Mr. Bristow said that exploration geologists working at the mine were looking at targeting improved grades and a lower strip ratio to enable this. The mine currently has a 30-year life at Barrick\u2019s copper price assumption for its 2021 financial year of $2.75 per pound.<\/p>\n

Lumwana is forecast to produce between 250 and 280 million attributable pounds of copper this year. Production in the group\u2019s third-quarter was 56 million pounds, a slight reduction on the second quarter.<\/p>\n

Barrick reported 20 US cents a share in net earnings for the third quarter compared to 23c\/share in the second quarter, partly owing to a quarter-on-quarter decline in the realized gold price.<\/p>\n

It declared a nine cents a share quarterly dividend in addition to a third $250m payment related to the proceeds of the firm\u2019s sale of its stake in an Australian mine, Kalgoorlie. Commenting on the gold price, Bristow said it would benefit in the long run from global economic distress.<\/p>\n

\u201cWorld GDP has recovered but it is a lot less (than before the onset of the Covid-19 pandemic). There is no ability of world economies to act and we have these equity bubbles that are unsustainable,\u201d he said.<\/p>\n

Analysts think the short-term direction of the gold price hangs in the balance owing to uncertainty over how the tapering of post-Covid-19 stimulus by the US Federal Reserve will impact the economy.<\/p>\n

\u201cThere\u2019s not much different now with 2010 when we thought we were all over the global economic crisis,\u201d said Mr. Bristow.<\/p>\n

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

Africa-Press – Zambia. The normalization of Zambia\u2019s fiscal regulations was \u201ca very significant event\u201d for the country in its attempt to attract new investment, said Mark Bristow, CEO of Barrick Gold. Only two months after the election of Hakainde Hichilema as Zambia\u2019s new president, the country reformed tax regulations in its national budget last week. […]<\/p>\n","protected":false},"author":84,"featured_media":9255,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12,16],"tags":[234,235,4068,4067,233],"class_list":["post-9256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-zambia","tag-ceo-of-barrick-gold","tag-mark-bristow","tag-zambia"],"yoast_head":"\nBarrick\u2019s Bristow says Zambian fiscal reform \u201ca very significant event\u201d for copper producer - 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\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Barrick\u2019s Bristow says Zambian fiscal reform \u201ca very significant event\u201d for copper producer\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Zambia. The normalization of Zambia\u2019s fiscal regulations was \u201ca very significant event\u201d for the country in its attempt to attract new investment, said Mark Bristow, CEO of Barrick Gold. Only two months after the election of Hakainde Hichilema as Zambia\u2019s new president, the country reformed tax regulations in its national budget last week. […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-06T02:18:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2021\/11\/img-61873ec8380ca.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"448\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Barrick\u2019s Bristow says Zambian fiscal reform \u201ca very significant event\u201d for copper producer\",\"datePublished\":\"2021-11-06T02:18:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer\"},\"wordCount\":499,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2021\/11\/img-61873ec8380ca.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"CEO of Barrick Gold\",\"Mark Bristow\",\"Zambia\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer\",\"name\":\"Barrick\u2019s Bristow says Zambian fiscal reform \u201ca very significant event\u201d for copper producer - Zambia\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2021\/11\/img-61873ec8380ca.jpg\",\"datePublished\":\"2021-11-06T02:18:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2021\/11\/img-61873ec8380ca.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2021\/11\/img-61873ec8380ca.jpg\",\"width\":800,\"height\":448,\"caption\":\"Barrick\u2019s Bristow says Zambian fiscal reform \u201ca very significant event\u201d for copper producer\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/zambia\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Barrick\u2019s Bristow says Zambian fiscal reform \u201ca very significant event\u201d for copper producer\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#website\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/\",\"name\":\"Zambia\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/zambia\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Barrick\u2019s Bristow says Zambian fiscal reform \u201ca very significant event\u201d for copper producer - Zambia","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer","og_locale":"en_US","og_type":"article","og_title":"Barrick\u2019s Bristow says Zambian fiscal reform \u201ca very significant event\u201d for copper producer","og_description":"Africa-Press – Zambia. The normalization of Zambia\u2019s fiscal regulations was \u201ca very significant event\u201d for the country in its attempt to attract new investment, said Mark Bristow, CEO of Barrick Gold. Only two months after the election of Hakainde Hichilema as Zambia\u2019s new president, the country reformed tax regulations in its national budget last week. […]","og_url":"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer","og_site_name":"Zambia","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2021-11-06T02:18:52+00:00","og_image":[{"width":800,"height":448,"url":"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2021\/11\/img-61873ec8380ca.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Barrick\u2019s Bristow says Zambian fiscal reform \u201ca very significant event\u201d for copper producer","datePublished":"2021-11-06T02:18:52+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer"},"wordCount":499,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2021\/11\/img-61873ec8380ca.jpg","keywords":["Africa Press","Africa Press-Zambia","CEO of Barrick Gold","Mark Bristow","Zambia"],"articleSection":["all news","head lines","homepage-english","policy","twitter"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer","url":"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer","name":"Barrick\u2019s Bristow says Zambian fiscal reform \u201ca very significant event\u201d for copper producer - Zambia","isPartOf":{"@id":"https:\/\/www.africa-press.net\/zambia\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2021\/11\/img-61873ec8380ca.jpg","datePublished":"2021-11-06T02:18:52+00:00","author":{"@id":"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"breadcrumb":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer#primaryimage","url":"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2021\/11\/img-61873ec8380ca.jpg","contentUrl":"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2021\/11\/img-61873ec8380ca.jpg","width":800,"height":448,"caption":"Barrick\u2019s Bristow says Zambian fiscal reform \u201ca very significant event\u201d for copper producer"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/barricks-bristow-says-zambian-fiscal-reform-a-very-significant-event-for-copper-producer#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/zambia\/"},{"@type":"ListItem","position":2,"name":"Barrick\u2019s Bristow says Zambian fiscal reform \u201ca very significant event\u201d for copper producer"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/zambia\/#website","url":"https:\/\/www.africa-press.net\/zambia\/","name":"Zambia","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/zambia\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/posts\/9256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/comments?post=9256"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/posts\/9256\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/media\/9255"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/media?parent=9256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/categories?post=9256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/tags?post=9256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}