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Zambian tax bill of USD 8 bln refuted by Canada's First Quantum

First Quantum Minerals on Wednesday refuted a bill of USD 8 billion for unpaid import duties levied against the miner by the Zambian tax authority, Chief Executive Philip Pascall said.


Reuters
Updated: 21-03-2018 20:02 IST
Zambian tax bill of USD 8 bln refuted by Canada's First Quantum

First Quantum shares fell 1.6 percent in early trade Wednesday to C USD 17.71, after dropping 12.4 percent on Tuesday before trading in its shares was halted on the Toronto Stock Exchange. ( Image Credit: Africa Review)

First Quantum Minerals on Wednesday refuted a bill of USD 8 billion for unpaid import duties levied against the miner by the Zambian tax authority, Chief Executive Philip Pascall said.

The dispute, which Zambia announced on Tuesday, relates to USD 540 million of mining equipment imported for the Canadian company's Sentinel mine. The government's claim includes USD 2.1 billion in penalties and USD 5.7 billion in interest, Pascall said on a conference call.

First Quantum shares fell 1.6 percent in early trade Wednesday to C USD 17.71, after dropping 12.4 percent on Tuesday before trading in its shares was halted on the Toronto Stock Exchange.

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