bonjour
Les points importants en "vrac" du communiqué de FQM
Kansanshi expended $44.0 million on new mining equipment and the secondary crusher during the period.
Total gold production increased by 16% due to continued gravity circuit improvements. Kansanshi produced a record 14,482 ounces of gold in dore in Q3.
Q3 copper production decreased by 10% from Q3 2009 due to lower throughput and grades processed.
Overall mining production improved in Q3 on the continued commissioning of new mining equipment. However, increased waste stripping resulted in lower total ore volumes mined and processed in the period.
Q3 sulphide circuit production was impacted by lower grades and tonnes processed. Throughput decreased from the comparative period on the testing and commissioning of the secondary sulphide crusher in Q3 2010 resulting in downtime on the crushing and milling circuit.
Mixed ore circuit throughput was constrained by maintenance downtime on the SAG mill in early Q3, resulting in processing of ore directly through the ball mill at lower rates. Circuit recovery remained strong in Q3 offsetting a small decrease in ore grade processed.
Kansanshi‟s oxide circuit recovers both oxide and sulphide minerals to produce copper cathode and copper in concentrate. Total copper recovery of 78% reflects an increase in the proportion of sulphide material floated in the circuit at a lower overall recovery. Q3 throughput was impacted by downtime caused by the construction and commissioning of circuit improvements aimed at achieving higher recoveries of sulphide and oxide material.
The benefits of these improvements are expected to be realized in Q4 and into 2011.
Non-controlling interests has decreased from Q3 2009 due to the 5% non-controlling interest portion of Frontier‟s impairment, resulting in a $12.5 million recovery in Q3 2010. In February 2010, the Company acquired the remaining 20% ownership interest in Mauritanian Copper Mines SARL, which owns Guelb Moghrein, resulting in no further non-controlling interests in this operation.
Operating cash flows were generated from positive operating results during Q3. Working capital movements during Q3 2010 include an increase in accounts receivable of $86.4 million as a result of a significant increase in copper price, and a decrease in taxes payable due to payments of $115.0 million made by Kansanshi to the Government of the Republic of Zambia (“GRZ”).
Zambian taxation
The Government of the Republic of Zambia (“GRZ”) announced in January 2008 a number of proposed changes to the tax regime in the country in relation to mining companies. These changes included a new windfall tax on copper sales revenue; a new variable profit tax; a concentrate export levy of 15%; an increase in the royalty rate to 3%; an increase in the income tax rate to 30%; and other changes including changes in the timing of deductibility of capital allowances and streaming of hedging losses and gains. These changes were passed by Parliament in March 2008 and the majority of changes took effect from April 1, 2008.
Under the new President, the GRZ reviewed these tax changes and proposed that the new windfall tax be removed,
the deductibility of capital allowances be increased back to 100% in the period of expenditure and to allow hedging income be part of mining income for tax purposes.
These changes were passed by Parliament in March 2009 and the majority of changes took effect from April 1, 2009.
These enacted changes are not retroactive to April 1, 2008.
On May 18, 2009 the GRZ issued a temporary exemption of the concentrate export levy of 15% until December 31, 2009 in order to allow the Company to export the copper in concentrate that cannot be treated in Zambia due to the lack of smelter capacity within Zambia.
The Company, through its Zambian subsidiaries, is party to Development Agreements with GRZ for its existing operations
which provide an express right to full and fair compensation for any loss, damages or costs (including interest) incurred by the
Company by reason of the government's failure to comply with the tax stability guarantees set out in the Development Agreements,
and rights of international arbitration in the event of any dispute.
Following consultation with external legal counsel, the Company assessed there to be a high probability of recovery from the GRZ of payments made in respect of these taxes.
In the consolidated financial statements, the Company has recognized a tax expense in accordance with applicable laws from time to
time notwithstanding the Development Agreements. In addition and reflecting the enforceability of the Development Agreements,
the Company has recognized a receivable from the GRZ for an amount in respect of the expected ultimate repayment of taxes in excess
of the taxes permitted under the Development Agreements.
This receivable has been classified as “loans and receivables” and initially recorded at fair value based on management‟s best estimate of the timing of receipt and amounts due. As required, the receivable is assessed for impairment at each reporting period based on changes in facts and circumstances;
any impairment amounts required may be material. As at September 30, 2010, this receivable amounts to $221.4 million.
Currently, the Company is involved in discussions with the GRZ to find an alternative solution to arbitration or litigation to fully resolve
all outstanding matters in relation to the tax changes introduced in conflict with the Development Agreements. While the timing and
outcome of these discussions remains uncertain, the Company recognizes that resolving this dispute through arbitration may not be in
the best interest of either the Company or the GRZ.
Accordingly, while no terms have been agreed to, the Company is seeking to achieve
a compromise resolution which respects the key terms of the Development Agreements.
Kansanshi Copper and Gold Operation
Chiffre d'affaire de KANSANSHI
- copper : T3 $ 375.7 9 MOIS 1,082.3
- gold : T3 $ 29.5 9 MOIS $ 82.4
Bénéfices opérationnels de KANSANSHI
T3 : $ 242.6
9 MOIS : $ 674.3
bénéfices de la mine de 242 M$ sur le trimestre soit 48 M$ la part de zccm-ih
La part net qui revient à zccm-ih est uniquement de 12.5 M $ de minority interest + 1.9 M$ de dividendes soit 14.4 M$.
ce qui correspond à 72 M$ de bénéfices nets pour la totalité de la mine
pour passer de 242.6 à 72 M$.. il semblerait qu'on y retranche les 44 M$ d'investissements (ils peuvent amortir 100 % des investissements) puis les 115 M$ payés en taxes au GRZ manque un chouia de 10 M...
il semblerait donc que sur ce trimestre kansanshi ait payé une partie des taxes dues au grz
Montant qui était de 407,5 M $ à fin juin (voir rapport à fin juin) et qui passe désormais à 316.7 M $
Le total des minority interest depuis début d'année pour zccm est autour de 76 M$ (zccm a aussi recu 20 M$ de dividendes depuis le début de l'année)
Mer 10 Nov 2010 00:53 
