Message Mer 1 Fév 2012 01:38

KCM Expected To Pay $41M In Taxes To Zambian Govt In 2011

DJ KCM Expected To Pay $41M In Taxes To Zambian Govt In 2011

LUSAKA, Zambia, Jan 31, 2012 (Dow Jones Commodities News Select via Comtex) -- Konkola Copper Mines, a unit of London listed Vedanta Resources PLC (VED.LN) is forecasts to pay more than $41 million in mining taxes to the Zambian treasury for the financial year ended 2011, according to company chief executive officer Jeyakumar Janakaraj in a statement seen by Dow Jones Newswires.

The company, Zambia's largest private sector employer with more than 22,800 permanent and contractor workers, and the country's copper leading producer, recorded a turnover of $22.5 million during the period under review with profits before taxation amounting to $139 million. The company's profit before exceptional item, finance costs and other taxes remitted were $177 million during the financial year 2011.

Profits attributed to shareholders stood at $97 million. The company was forecasts to remit $9.3 million for exceptional items with earnings per share stand at 8.8 cents.
The company expects to increase its copper output to 400,000 metric tons per annum from this year, after making investments in excess of $2.5 billion since it assumed 71.9% equity in Konkola Copper Mines in 2005. It produces 230,000 tons annually now.

Efforts to establish how much the miner had paid to the Zambian treasury a year earlier failed as a company spokeswoman was unable to reply to a press inquiry sent by Dow Jones Tuesday.

-By Geoffrey Sinkamba, contributing to Dow Jones Newswires; jeff.kapembwa@gmail.com
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