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Reuters reported that Mopani Copper Mines, owned by Glencore Plc (LSE:GLEN) has put roughly $800 million in Zambian copper projects on hold following the government’s witholding of $200 million in tax refunds. A similar dispute is taking in place in Mozambique. How will it ends? Will the giant miners operating in the country follow the same route?
As quoted in the publication:
Africa’s second-largest copper producer is withholding a total of $600 million in VAT refunds owed to mining firms and will only repay the cash when companies produce import certificates from destination countries, the minister of mines said in June.
Zambian Finance Minister Alexander Chikwanda said in August it planned to waive the requirement because it is impractical. The Zambia Revenue Authority says it is still consulting with exporters before implementation.