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FQM Reinforces Commitment to Zambia with $727.8 Million Contribution in 2023

First Quantum Minerals (FQM) has demonstrated its dedication to transparency and sustainable development in Zambia, announcing a substantial US$727.8 million contribution to the country in 2023. This has been detailed in FQM’s latest Tax Transparency and Contributions to Government Report.

The report highlights significant economic and community contributions from FQM’s operations, including the Kansanshi copper mine in Solwezi and the Trident projects in Kalumbila. 

In 2023, Kansanshi contributed US$153.3 million, while the Trident projects added US$263 million in taxes and royalties. Notably, US$47.7 million of the royalties from Kansanshi was paid to ZCCM-IH, alongside US$7.2 million in dividends.

Payroll taxes from Kansanshi and Trident amounted to US$40 million and US$40.1 million, respectively. Net contributions to the Zambia Revenue Authority totaled US$264.5 million in taxes and royalties, supplemented by US$80.1 million in payroll taxes. 

Additional government payments included US$2.8 million to the Ministry of Mines and Mineral Development and US$18.9 million to the Ministry of Land and Natural Resources for statutory fees. Consumption and import taxes, including non-refundable VAT, were US$115.8 million.

FQM’s commitment to responsible mining and community support was evident in its US$24.4 million spend on CSR and infrastructure projects in 2023. These efforts reflect FQM’s broader strategy of fostering sustainable development and improving the quality of life for local communities.

“This report underscores our steadfast commitment to responsible mining practices and sustainable development in Zambia,” stated FQM Country Manager Dr. Godwin Beene. “We are proud of the significant contributions we continue to make to the Zambian economy and local communities, and we remain dedicated to fostering mutually beneficial partnerships and driving positive change.”

Dr. Beene highlighted FQM’s understanding that its success is intertwined with the prosperity of the communities where it operates. 

He emphasized the company’s dedication to transparency, accountability, and sustainability across all operations.

Beyond financial contributions, FQM has prioritized community development initiatives aimed at fostering sustainable development and enhancing living standards around its sites. 

These initiatives cover a broad spectrum, including community programs, local workforce development, skills training, and investments in health, education, infrastructure, livelihoods, women’s empowerment, safety, human rights, and biodiversity preservation.

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