FIRST Quantum Minerals said it had provided all necessary documents to the Zambia Revenue Authority (ZRA) following an $8bn tax assessment in March based on “… import duties, penalties, and interest on consumables and spare parts” dating back to 2013.
“The company has provided to the ZRA the relevant documentation in its rebuttal of the assessment and remains engaged with the agency and committed to ensuring transparency in all discussions between the parties,” said Philip Pascall, chairman and CEO.
Pascall also said the firm’s Zambian copper operations were facing downtime following a notice by the country’s power company that it planned to reduce supply to the Kansanshi complex and Sentinel for 31 days starting late July. This was to facilitate maintenance and upgrades for the electricity network.
“Plans are in place at both sites to optimally manage operations during this period,” said Pascall, who added: “Market production guidance is currently unchanged”. Goldman Sachs said that in its view “… this could potentially impact guidance going forward”.
