Royalties

Botswana: Lower mineral revenues expected in 2019

Posted on March 12, 2019March 12, 2019 by Mozambique Resources Post

Diamond rich Botswana expects mineral revenues in the 2019/20 fiscal year to drop by 4 percent to 13.6 billion pula ($1.26 billion) due to a decline in royalties and dividends, a minerals ministry budget document showed on Thursday.

Africa Mining: Congo Mines Minister insists no compromise on new mining code

Posted on September 13, 2018 by Mozambique Resources Post

Democratic Republic of Congo’s mines minister said on Wednesday that a new mining code signed into law in March that hikes royalties and taxes cannot be called into question.

Africa Mining: Zambia Proposed changes to Its Mining Tax Regime, a signal unstable fiscal policy

Posted on April 22, 2016 by Mozambique Resources Post

The government of Zambia (B3 negative) submitted a proposal to parliament that would reduce mining royalties paid to the state. If approved, the reduction would be the third shift in the tax regime since January 2015 and would continue a pattern of frequent changes to the country’s tax regime over the past 10 years.

Africa Mining: Zimbabwe mining royalties plunge, reflects struggling economy

Posted on July 31, 2015 by Mozambique Resources Post

Zimbabwe’s tax collections were six% below target during the first half of the year while mining royalties and value added tax plunged, reflecting a struggling economy, the tax agency said on Wednesday. The southern African country’s economy, where mining contributes around 17% to gross domestic product, is expected to struggle this year due to low commodity prices and a poor farming season, as reported by Reuters news agency.

Zambia Mining: First Quantum starts up copper mine

Posted on January 2, 2015January 2, 2015 by Mozambique Resources Post

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.

Zambia Mining Industry: Barrick to Suspend Copper Mine Operations on New 20-percent Royalty

Posted on December 19, 2014 by Mozambique Resources Post

Barrick Gold (TSX:ABX,NYSE:ABX) announced Thursday morning that it will suspend operations at its Lumwana copper mine in Zambia. The move follows the Zambian government’s decision to jack up royalties on open-pit mining operations in the country from 6 percent to a whopping 20 percent. While changes to Zambia’s taxation regime will eliminate corporate income tax, Barrick has pointed out that the new rules will also slap a 20-percent gross royalty on revenue “without any consideration of profitability.” To…

Zimbabwe Mining: Cabinet mulls ending tax on diamonds

Posted on November 18, 2014 by Mozambique Resources Post

The government of Zimbabwe plans to eliminate a 15% value added tax levied on diamond miners as part of measures to stimulate production and attract investment in the sector, Mines Minister Walter Chidakwa announced last week. Authorities are also planning to remove tax royalties on locally cut and polished diamonds.