Trimming Our First Quantum Fair Value Estimate to CAD 6.90 on Higher Zambian Mining Taxes
On Sept. 28, the Zambian government proposed mining tax changes in the country's 2019 budget that will go into effect on Jan. 1, 2019. The current mining tax is a progressive tax with rates increasing from 4% to 6% based on copper prices. The changes include increasing the mining royalty rates by 1.5% in the three existing tiers and adding a fourth tier of a 10% tax on copper prices for each $1 above $7,500 per metric ton, or roughly $3.40 per pound.ÂHaving updated our model for the increased m...
First Quantum Minerals is engaged in the production of copper, nickel, gold, zinc, platinum-group elements and acid, and related activities including exploration and development. Co. has operating mines located in Zambia, Australia, Finland, Turkey, Spain and Mauritania. Co. is developing the Trident project in Zambia, the Cobre Panama copper project in Panama, exploring the Haquira copper deposit in Peru and the Taca Taca copper-gold-molybdenum porphyry deposit in Argentina. Co.'s operating segments are individual mine development projects or mine operations. The Corporate and Other segment evaluates and acquires new mineral properties and includes Co.'s metal marketing division.
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