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Kansanshi mine to pay $374m tax
By CYNTHIA MWALE
KANSANSHI Mine, which has paid over K5 trillion in taxes since inception, is expected to pay another US$374 million before mid-2011.
Kansanshi mine has created about 4,000 direct and 1,000 indirect jobs.
And Vice- President George Kunda on Tuesday launched the US$1 billion Trident large-scale mine with an assurance to continue making strides for Zambian entrepreneurs to enter into the business arena driven by the mining industry.
Mr Kunda said the mining sector has become a power lever to boost job creation, increase revenue and uplift the lives of Zambians.
“The launch of Trident is another positive response to the investor-friendly climate that is critical in ensuring that growth of the private sector becomes a major driver of the socio-economic development,” he said.
The vice-President said this at a dinner to launch the Trident project by First Quantum Minerals Limited (FQML), the co-owners of Kansanshi Mine, at Intercontinental Hotel on January 25.
“The move by First Quantum Minerals Limited to invest in another large-scale mine soon after successful investment in Kansanshi Mine has a strong link with Government’s desire to see that socio-economic benefits are widespread in both urban and rural areas…”
He said the Trident project is a massive investment which will make a drastic difference to the local communities in directly addressing key barriers to improving their lives through job creation, enterprise growth and infrastructure development.
Mr Kunda said the level of investment by FQML demonstrates a long-term partnership with Zambia and Government hopes that the investment in Trident will deliver a similar result.
“I understand that already there is a huge corporate social responsibility supporting the training of future employees, health, education and conservation to protect the national heritage,” he said.
He commended FQML for being one of the mining players which endured the worst effects of the economic meltdown of 2008, which he said was a clear demonstration of unwavering commitment.
He reiterated Government’s support for investment in the mining sector by continuing to provide a conducive environment for investment and said Government has received support over its decision to privatise the mines.
And Trident project leader Matt Pascall said prior to privatisation, Government Treasury was subsidising the mining industry to a tune of US$1 million per day but since then Kansanshi has paid over US$1 billion in taxes.
Mr Pascall, who is also FQML director, said the bold decision taken by Government to privatise the mine has seen over US$6 billion invested in the mining industry by various owners.