FQM HIGHLIGHTS IMPORTANCE OF COMPETITIVE TAX REGIME

Mining firm believes Zambia’s tax regime increases the cost of operating and challenges the economic viability of existing mine operations

First Quantum Minerals says Zambia must implement a competitive and stable tax regime in order to attract new foreign investors and promote existing investments in the mining sector.

First Quantum Minerals Head of Government Affairs John Gladston says Zambia’s current mining tax regime poses a range of difficulties to the sector making it unattractive to potential investors when put alongside other copper mining countries.

FQM Mine site

He says government and the private sector should seek to create a framework in which a modern, progressive, developing commodity-based economy can be built; a scenario where investors vie to invest in Zambia.

Mr Gladston was speaking during a panel discussion on “establishing mutually beneficial fiscal regimes” at the 9th Zambia International Mining and Energy Conference and Exhibition (ZIMEC) in Lusaka.

This year’s conference was held under the theme “Creating an attractive investment framework to catalyse Zambia’s mining and energy sectors”.