Barrick Weighs Options for Copper Mine as Zambia Tax Hikes Loom
Barrick has once again found itself involved in an African tax dispute, with the latest affecting its Lumwana copper mine.
Barrick Gold (TSX:ABX,NYSE:GOLD) has begun considering various options for its Lumwana copper mine, which includes selling the asset, the company announced on Monday (January 21).
The miner began fleshing out arrangements for the mine when concerns surrounding potential tax hikes in Zambia grew.
“The proposed changes to taxes and royalties would imperil the mine’s ability to sustain returns to all stakeholders, such as the significant contribution of more than US$3.3 billion it has already made to the Zambian economy over the past 10 years,” said Willem Jacobs, CEO at Barrick in Africa and the Middle East.