19:50:47 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,166,577,478
Close 2018-03-21 C$ 15.94
Market Cap C$ 18,595,244,999
Recent Sedar Documents

Globe says Zambia slaps huge tax bill on First Quantum

2018-03-22 08:08 ET - In the News

See In the News (C-FM) First Quantum Minerals Ltd

The Globe and Mail reports in its Thursday edition that a wave of African tax hikes is engulfing some of Canada's mining companies. The Globe's Niall McGee and Geoffrey York write that First Quantum Minerals has been hit with a massive tax bill. Zambian authorities have told it to pay an extra $8-billion (U.S.) in taxes and penalties for failing to pay proper duties on imported supplies over the past five years. First Quantum boss Philip Pascall admitted on Wednesday he had been blindsided by the shock announcement. The amount of First Quantum's tax bill is huge -- larger than Zambia's entire annual government budget. Barrick Gold's subsidiary, Acacia Mining, was handed an astonishing tax bill of $190-billion (U.S.) in Tanzania last year. That amount is four times greater than Tanzania's entire annual GDP. Barrick responded by promising that Acacia would pay $300-million (U.S.) to Tanzania, along with a new benefits-sharing arrangement that would include a 16-per-cent government interest in Acacia's gold mines in the country. The Democratic Republic of the Congo earlier this year announced a sharp increase in mineral royalties and the elimination of agreements that protected miners from tax hikes.

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