Zambia Hands First Quantum $7.9 Billion Tax Bill After Audit
- Shares fell as much as 13% after report of planned audit
- Miner rejects assessment, saying it will work with authorities
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Zambia handed First Quantum Minerals Ltd. a $7.9 billion tax bill and said it’s planning an audit of other mining companies going back six years. The Canadian miner’s shares fell the most in almost two years.
First Quantum received a letter from the Zambia Revenue Authority dated Monday “noting an assessment for import duties, penalties and interest on consumables and spare parts,” the Vancouver-based company said Tuesday in a statement. The southern African nation accounts for 84 percent of its revenue.