First Quantum Minerals -FQM- has reaffirmed its commitment to transparency and sustainable development in Zambia by announcing US$727.8 million of contributions to the country in 2023, according to the company’s latest tax transparency and contributions to government report.
The report highlights FQM’s contributions to the Zambian economy and local communities through its Kansanshi Copper Mine in Solwezi, Trident Projects in Kalumbila, as well as first quantum mining and operations.
In 2023, FQM’s Kansanshi contributed US$153.3 million, while FQM trident contributed US$263 million in taxes and royalties.
Of the royalties paid at Kansanshi, US$47.7 million was paid to ZCCM-IH, in addition to US$7.2 million paid to ZCCM-IH in dividends while payroll taxes for the Kansanshi and FQM trident were US$40 million and US$40.1 million, respectively.
According to the report, net contributions to the Zambia Revenue Authority -ZRA- amounted to US$264.5 million in taxes and royalties, and a further US$80.1 million in payroll taxes.
Other payments to government included US$2.8 million and US$18.9 million to the ministry of mines and mineral development and ministry of land and natural resources, for statutory fees while consumption and import taxes amounted to US$115.8 million.
CSR and Infrastructure spend during 2023 was at US$24.4 million, in line with FQM’s commitment to responsible mining and supporting host communities.
And commenting of the report, FQM Country manager Dr Godwin Beene said the report underscores the firm’s steadfast commitment to responsible mining practices and sustainable development in Zambia.
Dr. Beene says FQM is proud of the significant contributions it continues to make to the Zambian economy and local communities, and remains dedicated to fostering mutually beneficial partnerships and driving positive change.
PHOENIX NEWS