First Quantum Minerals (FQM) director Philip Pascal has expressed concern that the mining industry will be adversely affected by the recent tax changes because of unique circumstances such as the gold export tax.
But Minister of Mines and Minerals Development Richard Musukwa has asked mining companies to submit their concerns about the new tax changes to government, saying government would accept proposals regarding the recent changes to the mine tax regime.
Musukwa who is currently in South Africa to attend the 25th Africa Mining Indaba being held at the Capetown international Convention Centre, met with FQM directors whom he advised that particular concerns should be brought to the attention of government.
And according to a statement issued by the Zambian Mission in Pretoria, Musukwa stressed that government had a duty to develop the country from there resources that were available.
Meanwhile, FQM’s Pascal said the mining company would submit concerns regarding the new tax changes, but expressed concern that Kansanshi as well as other Mines in North Western would particularly be adversely affected by the recent tax changes because of the unique circumstances such as the gold export tax.
He disclosed that FQM had invested about $5billion in the mines at Kansanshi and Lumwana in North Western Province in the last 20 years, and that over the years, FQM had paid over $3.5 billion in taxes.