LUSAKA/LONDON/TORONTO - Zambia has no plans to seize the assets of Quantum Minerals Ltd and the copper producer intends to stay in the country despite the government’s move to wrest control of a rival miner, government and industry sources told Reuters.
First Quantum, scarred by having its operations in Democratic Republic of Congo seized in 2010, is embroiled in a dispute with the Zambian government after being handed a $5.8 billion bill last year for unpaid import duties. In 2018, it said it paid more than $533 million in taxes to the Zambian government, including royalties, income and corporate tax.
At the time of its first quarter results in April, First Quantum CEO Philip Pascall said the company would be “very cautious” about capital expenditure in Zambia.
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