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Tax payments from the mining sector rose by 11 percent to K43.3 billion in 2022, according to the latest Zambia Extractive Industries Transparency Initiative (ZEITI) report.
The report showed that the total revenues received by government from the mining sector rose to more than K43.3 billion in 2022, a significant increase on the K39 billion received in 2021.
Under the report, it was highlighted that Kansanshi Mining with contributions of K15 billion, FQM Trident making contributions of K8.6 billion and Lumwana Mine making contributions of K4 billion were the top contributors.
According to Ian Mwiinga, Head of the ZEITI Secretariat, 2022 was another record-breaking year, both for mining revenue collections and for ZEITI itself.
Mwiinga said the overall increase in year-on-year revenue was despite lower overall copper production for the year, as well as lower copper prices.
He said this at the launch of the 2022 annual report on tax payment in Solwezi attended by representatives from government, the private sector and civil society, who gathered to understand the level of the contributions made by the mining sector.
“The reconciliation differences-the discrepancies between what is paid by mining companies and reported as received by government agencies–are now at an all-time low,” Mwiinga stated.
He said this was great news for the good governance of the mineral resources sector and proved the worth of the ZEITI initiative in continuously improving the standard of reporting within mining companies and government agencies.
Mwiinga said this was also for the general public to have an accurate picture of the annual mineral revenues received by the State.
“The great utility of ZEITI’s annual reports is that they are an independently verified set of facts that give the public a transparent view of mining taxation –what has been paid on the one side, and received on the other,” he noted.
Mwiinga stated that it provided reassurance that the nation was recouping a very substantial return from the mining of its national resources.
He added that the next step was ensuring transparency and accountability for how the revenues collected from the mining industry were spent.
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