[miningmx.com] – FIRST Quantum Minerals would stop or slow investment worth $1bn in Zambia amid a dispute over taxes in the southern African country, said Bloomberg News citing the copper firm’s operations director, Matt Pascall.
“There’s a pervading atmosphere which creates a bit of uncertainty,’ Pascall said.
“Certainty is absolutely the critical thing that’s required if we’re going to look at any form of investment,’ he added. Pascall said the Zambian government was withholding more than $150m in value-added repayments.
Zambia is requiring mining companies to present certificates from the countries that import its metal to prove their is no tax fraud, said Bloomberg News. The country is also reviewing its mining law, the newswire service said.
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