Zambian Revenue Authority executes search warrant at Gemfield’s Kagem mine
Gemstone miner Gemfields on Friday said its Kagem Mining company had been subjected to an unannounced visit on Thursday by the Zambian Revenue Authority.
Kagem Mining, through which Gemfields operates and holds 75% of the Kagem emerald mine, in Zambia, and its South African polygraph service provider Limpopo Polygraphs, were issued with two search warrants.
The search warrants authorised the Zambian Revenue Authority to take wide-ranging documents and files including those allegedly “used by Kagem Mine and Limpopo Polygraphs to evade the payment of value-added tax, income tax, withholding tax and other taxes”.
The aggregate value of all work conducted to date by Limpopo Polygraphs for Kagem is less than $7 500, the company said.
“Gemfields will provide further updates as pertinent information becomes available.”
Gemfields is the operator and 75% owner of the Kagem emerald mine and the Montepuez ruby mine, in Mozambique. Gemfields also holds controlling interests in various other gemstone mining and prospecting licences in Zambia, Mozambique, Ethiopia and Madagascar.
The company’s share price on the JSE fell by nearly 15% on Friday following the announcement.
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