- Write by:
-
Saturday, December 22, 2018 - 10:07:46 AM
-
852 Visit
-
Print
Mining News Pro -Canada’s First Quantum Minerals (TSX:FM) became the first top miner with operations in Zambia to react to a planned mining tax increase in the southern African nation by announcing on Friday it would have to lay off 2,500 workers at its local mines.
According to Mining News Pro - In an internal memo, the Toronto-based miner said the job cuts will be implemented in phases during the first quarter of 2019, adding they’ll be equally split between its Kansanshi and Sentinel mines.
“Reducing employee numbers should be a last resort after all other avenues of cost reduction have been exhausted. We would like to assure to all our employees that this is exactly the position we are in,” FQM Director of Operations at Sentinel, Matt Pascall, wrote according to Lusaka Times.
Africa’s second-largest copper producing country is set to introduce fresh mining duties next year and replace value-added tax (VAT) with a sales tax and increase royalties.
The government estimates that mining tax revenues will climb to $1.3 billion next year thanks to the changes, up from $800 million this year. Zambia’s Chamber of Mines, however, says revenues will rise to only around $840 million.
First Quantum, which operates the Kansanshi and Kalumbila mines in Zambia, accounted for more than half of the country’s copper output last year, and is the largest individual taxpayer. Mining operations in the country, in turn, account for 84% of First Quantum’s revenue.
Short Link:
https://www.miningnews.ir/En/News/317582
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of ...
Manganese developer Element 25 (E25) will accelerate activities for the planned expansion of its Butcherbird manganese ...
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
London-based Savannah Resources will if necessary ask Portugal’s government to authorize compulsory land acquisitions ...
Newmont Corp. has no plans to expedite a decision on its $2.5 billion Yanacocha Sulfides project, dashing the Peruvian ...
Imports of iron ore by China, the world’s biggest buyer, in 2024 are expected to be around 1.17 to 1.18 billion metric ...
First Quantum Minerals said on Monday it is looking forward to talks with Panama’s new government to find a resolution ...
BHP has put South Africa and its mining sector on the spot. The $140 billion Australian group’s ambitious swoop on rival ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
No comments have been posted yet ...