Johannesburg-based RMB has played a major role in supporting the funding of Sentinel – a $2.1bn operation, which when completed in two years’ time, will be Africa’s biggest copper mine.
The relationship with First Quantum Minerals began in 2012 when RMB was one of the lenders which provided FQM’s Kansanshi mine with $1bn of debt funding for its expansion.
Every action breeds reaction. In economics, the response tends to be rapid. As the Government in Zambia is discovering after overplaying its taxation hand.
LUSAKA (Reuters) – Zambia is withholding $600 million in VAT refunds owed to copper mining companies and will repay the cash only when they produce import certificates from destination countries, mining minister Christopher Yaluma said on Tuesday. “That money is owed and we will have to pay as long as they fulfil the requirement. It … Read more