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Mar 22 Fév 2011 19:10
Mining tax evasion reports flawed, says Mopani Mine
MOPANI Copper Mines (MCM) has described as flawed and incomplete the findings of the draft tax report suggesting that it has been evading tax.
MCM chief executive officer Emmanuel Mutati said, in a statement issued in Kitwe on February 21, MCM has noted with concern public comments following the leaking of a flawed and incomplete draft tax audit report about its operations.
“We refute the conclusions this draft report contains. It is based on broad and flawed statistical analyses and assumptions. From the outset, the draft report fails to recognise that Mopani is a tolling facility, where 50 percent of the copper it produces comes from its own mines and the rest is made from third party concentrates,” Mr Mutati said.
He said this failure explains the inconsistent results, and is one of the main reasons the draft report has been unable to reconcile figures.
“Meanwhile, we really question the motives of whoever released this flawed document, since the false allegations it contains damage the reputation of our country and an industry which is vital to our economy,” Mr Mutati said.
He said MCM has always been open and transparent in its finances with the authorities.
Mr Mutati said the company has also been annually audited by independent auditors.
“Every year, the independent auditors’ report has given Mopani a clean bill of health,” Mr Mutati said.
He said both Government and ZCCM Investment Holdings PLC have seats on the MCM board of directors, with full access to information and participation in decision-making.
Mr Mutati said this makes the release of the flawed report more disturbing.
“To develop our economy, we need investment from both at home and abroad in industry and commerce. With our rich endowment in copper and other natural resources from the Almighty God, mining is an important part of our past and future,” Mr Mutati said.
He said companies in the mining sector should be held accountable like anyone else.
Mr Mutati said MCM has examined the draft report line by line in preparation for discussion of the errors with the Zambia Revenue Authority (ZRA) and other bodies.
He said the reality is that Mopani represents an investment of over US$1 billion by its shareholders since privatisation, ensuring the long-term future of a business that will deliver value to Zambia and its partners for decades to come.
Mr Mutati said this investment enables MCM to be one of the largest employers in the country with a workforce of almost 15,000 people comprising direct employees and onsite contractors.
