Africa Mining: First Quantum calls off massive job cuts in Zambia

Africa Mining: First Quantum calls off massive job cuts in Zambia

First Quantum Minerals (TSX:FM) has scrapped plans to lay off 2,500 workers in Zambia over an increase in mining taxes, and has committed to extend talks with the southern African nation’s government over the issue.

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Africa Mining: “Lights back on for First Quantum in Zambia” – Mining Journal

BMO Capital Markets analyst Alex Terentiew reckons he may have overcooked his downward revisions to First Quantum Minerals’ (CN:FM) copper output on the back of a power dispute affecting its Sentinel copper mine and Kansanshi complex in Zambia, after the issue was rapidly resolved.

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Zambia Mining: First Quantum starts up copper mine

Despite concerns over a mining royalty hike in Zambia that led Barrick Gold (TSX:ABX) to halt operations in the country, Bloomberg reports that First Quantum Minerals (TSX:FM) is starting up a Zambian copper mine. Royalties have recently increased from 6 percent to 20 percent for opencast mines in Zambia.

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You Should know this: Zambia aims changes on VAT rule for mining firms, other exporters

Zambia will from September 8 waive a rule requiring mining companies and other exporters to produce import certificates from destination countries in order to claim tax refunds, the Zambia Revenue Authority (ZRA) said.

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