First Quantum Minerals paid 3.3 billion kwacha as revenue to the Zambia Revenue Authority in the year 2015 becoming the Country’s largest taxpayer.

According to analysis by the Extractive Industries Transparency Initiative ten companies contributed approximately 88 percent of total government revenues from the extractive industries sector in 2015.

Kansanshi Mining accounted for almost 23.60 percent of the total extractive revenues for the year from mineral royalties, income tax, pay-as-you earn, VAT, customs duties and other taxes and fees.

In addition to being Zambia’s largest taxpayer, First Quantum produces around half of the nation’s copper which accounts for 60 percent of metal exports.

Copper production increased marginally by 0.3 percent from 708,254 to 710,860 Metric tonnes in 2015.

The marginal increase was aided by the commencement of production at Sentinel Mine which contributed 32,951 metric tonnes according to the eighth EITI report.

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The EITI has however observed that notwithstanding the increase in production, the copper industry faced challenges of low ore grade, low copper prices on the international market and constrained electricity supply in the first quarter of 2015.

 

 

The extractive industry contributed 78 percent of the country’s exports in 2014, but that fell dramatically to 47 percent in 2015 due to lower copper prices on the World market.

First Quantum has invested in excess of 5.7 billion United States dollars in its Sentinel and Kansanshi Mines and the Kansanshi Smelter, and has paid more than 3 billion United States dollars in taxes in the last eleven years.

This has transformed the economy of North-Western Province and creating employment for more than 8,500 people.

Chile was the largest producer of mined copper in the world in 2015, producing almost 5.8 million tonnes.

Zambia was ranked second in Africa, with the Democratic Republic of Congo taking first position, and eighth in the World.

Kansanshi Mine, the largest copper mine in Zambia, was ranked 13th amongst the World’s biggest copper producing mines by capacity in 2015.

 

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