Barrick to Suspend Operations at Lumwana Following Passage of New Mining Royalty
TORONTO, ONTARIO--(Marketwired - Dec. 18, 2014) - Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) today announced that the company will initiate procedures to suspend operations at the Lumwana copper mine in Zambia following the passage of legislation that raises the royalty rate on the country's open pit mining operations from six percent to 20 percent.
The new taxation regime, which is expected to go into effect on January 1, 2015, eliminates corporate income tax, but imposes a 20 percent gross royalty on revenue without any consideration of profitability.
"The introduction of this royalty has left us with no choice but to initiate the process of suspending operations at Lumwana. Despite the progress we have made to reduce costs and improve efficiency at the mine, the economics of an operation such as Lumwana cannot support a 20 percent gross royalty, particularly in the current copper price environment," said Co-President Kelvin Dushnisky..
First Quantum Minerals (TSX:FM) könnte der nächste Rohstoff-Konzern sein, der seine Aktivitäten in Sambia zurückfährt..
First Quantum warns Zambia tax hike will cost jobs, investment drop
Cecilia Jamasmie | October 14, 2014
Kansanshi began production in 2005 and is the eighth largest copper mine in the world, as well as Zambia’s biggest.
Canada’s First Quantum Mineral (TSX:FM), Zambia's largest foreign investor, said Tuesday that the country's decision to raise mining royalties from 2015 would discourage future endeavours and cost jobs..
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