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Ven 14 Oct 2011 07:34
First Quantum remits K7.5bn. per day in taxes
FIRST Quantum Minerals (FQM) pays government K7.5 billion per day in various taxes, chairman and chief executive officer Philip Pascall has disclosed.
And Mr Pascall met President Sata on October 13 at State House, and in a statement later praised the new Zambian leader for his willingness to engage with foreign investors which he said is encouraging in maintaining and enhancing investor confidence.
Mr Pascall said First Quantum recently announced K10 trillion additional investments in Zambia, a move expected to significantly increase its contributions to the national treasury.
He said the firm’s contribution to the national treasury currently stands at K6.5 trillion since 2006, and that it currently pays K7.5 billion per day in various taxes.
He said Government’s engagement with investors will strike a balanced chord of building a more prosperous nation while ensuring that Zambia remains an attractive destination for foreign capital.
Mr Pascall said the discussions with the head of State were cordial and positive.
He said it is clear from the discussions that President Sata wants to see increased investment that gives both investors and Zambians mutual benefits.
Mr Pascall reiterated that First Quantum’s investments in Zambia will continue, and that he looks forward to a fruitful partnership with the new government.
First Quantum is Zambia’s largest copper producer, and is the single largest contributor to the national treasury.
“First Quantum has unwavering commitment to Zambia. Therefore, we see ourselves as partners with the new administration as it strives to deliver enhanced and tangible social and economic benefits to Zambians,” Mr Pascall said.
In his inaugural speech, President Sata emphasised the importance of foreign investment to Zambia.
The increased investments by First Quantam are also expected to expand the Toronto, London and Lusaka listed company’s footprint in uplifting the lives of ordinary Zambians.
By 2012 the firm would have spent K80 billion in driving through its diversified corporate responsibility programmes (CSR) in education, health, agriculture, environmental protection, infrastructure development, social welfare, sport, arts & culture and human resource development.
The increased investment by the mining company will go towards further expansions of its existing Kansanshi mine, development of Sentinel Mine, the first of three potential mines at its new large-scale mine project Trident and investment in a new copper smelter.