FQM pays US$3.3 bn tax in 11 years

Sat, 17 Jun 2017 11:21:49 +0000

By MAILESI BANDA

FIRST Quantum Mining (FQM) has invested in excess of US$5.7 billion in its Sentinel and Kansanshi mines as well as Kansanshi smelter, and has paid more than US$3.3 billion in taxes in the last 11 years, country manager Kingsley Chinkuli has announced.

General Chinkuli said the company was transforming the economy of North-Western Province and creating employment for more than 8,500 people.

He appealed to Government to ensure ensure that tax revenue was well spent for the benefit of local communities.

“We have spent over US$43 million on our sustainability and community development programs by aligning the Kansanshi and Trident Foundation programmes to the United Nations Sustainable Development Goals,’’ he said.

Gen Chinkuli explained that ‘‘true economic growth’’ of a country was reflected in the state of health, education, agriculture and quality of life its citizens lived, adding that social investment played an important role in nurturing the growth of a country.

He said the mining sector remained the country’s highest source of income because of the money the sector contributed to the growth of the economy.

“Despite falling copper prices coupled with a challenging electricity supply, the mining sector has continued to be the country’s major productive industry, with a high contribution to exports and Government revenue,“ he said.

He revealed that FQM had put in place measures to drive growth in the mining sector while fostering conservation farming, healthcare and business linkages in the areas neighboring their operations.

He stated that the company’s contribution to the growth of the economy was significant.

“The figures demonstrate the vital role the mining sector plays in Zambia’s economic growth, hence the need for the sector to remain profitable and attractive to would-be investors,“ he said.

He said the mining sector had the potential to increase its contribution to the growth of the economy.