Zambia: Tax spat delays copper spend

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Zambian mines had postponed as much as $1.5 billion (R16bn) of investments because of a tax dispute that threatened jobs and output, an industry body said last week. First Quantum Minerals said last month that more than $1bn of spending had been slowed or delayed, while other companies had “shelved” investments of as much as $500 million, Zambia Chamber of Mines president Emmanuel Mutati said. The Zambia Revenue Authority has withheld about $600m in value-added tax repayments from mining firms that failed to submit documents from countries that import their copper. The mines say they cannot provide the papers as they sell to traders and do not know the final destination of the metal. – Bloomberg


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