https://www.engineeringnews.co.za
Copper|Gold|Mining|SECURITY|Solutions|Operations
Copper|Gold|Mining|SECURITY|Solutions|Operations
copper|gold|mining|security|solutions|operations

Barrick CEO on Zambia tax dispute: Threats don't solve problems

Barrick CEO Mark Bristow

Barrick CEO Mark Bristow

25th January 2019

By: Bloomberg

  

Font size: - +

Barrick Gold’s new CEO, Mark Bristow, said his company is seeking solutions to a dispute over mining taxes in Zambia.

“We’re engaged with the government in a constructive way,” he told reporters at a press conference in the Ivory Coast’s economic capital, Abidjan. “We don’t believe that threatening one’s partner is a constructive way to go about solving problems.”

Mining companies in Zambia, Africa’s second-biggest copper producer, have warned that the tax hikes will harm the industry and some producers have said they’ll curtail operations as a result of the changes. First Quantum Minerals in December said it would cut 2 500 jobs in the country, before backtracking this week on the plan.

Barrick operates the Lumwana copper mine in Zambia and said earlier this week it was mindful the government is under pressure to boost revenue. However, “its proposed tax changes would put Lumwana in a challenging situation.” The company has made proposals to the government about a “partnership approach” to improve the state’s share in Lumwana’s economics without overburdening the mine.

Here’s other highlights from Bristow’s briefing:

On the Democratic Republic of Congo elections:

“As Africans we need to celebrate the effort to make a change and let the people speak.” “It’s too early to pass judgment, but I’m pleased to see the elections were held and there was a transition.”

On the dispute with Tanzania:

“Of course I’m optimistic, if you want to be a pessimist in mining then you shouldn’t be in mining. And I’m a geologist so you have to be a real optimist.” “I don’t believe any engagement to find a lasting solution should have a timeframe holding the process to ransom.”

On the company’s operating philosophy:

“We do not employ people with guns. We operate in countries where we have 100 percent confidence where the security establishment of that country will ensure security.”

Edited by Bloomberg

Comments

Showroom

AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 
ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.083 0.138s - 162pq - 2rq
Subscribe Now