FirstQuantum says Zambian taxes that take effect next year may not be that high

Published: Oct 30, 2019 14:15

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The First Quantum Minerals said Zambia's revised tax rules, which take effect next year, could mean that it did not have to pay as much tax as had been expected. According to Zambia's proposed sales tax, payments of US $150 million to US $200m may be required.

"We don't expect outflows to be the same as before," Hannes Mayer (hannes meyer), chief financial officer, said on a third-quarter earnings call under the new rules announced last month. It should be a little less than previously estimated. "

On September 27th Zambia said it would scrap plans to replace VAT with a sales tax, but under the new measures, copper mines would pay more VAT.

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