THE OPPOSITION PATRIOTIC FRONT CHAIRPERSON FOR MINES AND MINERALS DEVELOPMENT WILBER SIMUSAA HAS CHALLENGED GOVERNMENT THROUGH THE MINISTRY OF MINES AND MINERALS DEVELOPMENT TO EXPLAIN TO THE ZAMBIAN PEOPLE AS TO WHETHER THE COUNTRY WILL LOSE THE 2PERCENT SHARES WHICH IT HAS IN EQUINOX MINES AFTER THE TAKE OVER BY BARRICK GOLD.
SPEAKING IN AN INTERVIEW WITH RADIO PHOENIX, MR. SIMUSAA SAYS GOVERNMENT SHOULD EXPLAIN THOROUGHLY TO ZAMBIANS AS TO WHETHER ZAMBIA WILL LOSE OWNERSHIP AND WHAT HAS PUT IN PLACE TO ENSURE COMPANIES DO NOT INVADE TAX.
MR SIMUSAA SAYS THE ARROGANCE OF GOVERNMENT ON VARIOUS MINING ISSUES LIKE THE NON-STARTER WINDFALL TAX AND FIVE YEARS TAX HOLIDAY TO FOREIGN IS MAKING THE COUNTRY TO LOSE OUT HEFTY REVENUE WHICH IT NEEDS TO USE TO DEVELOP INFRASTRUCTURE SUCH AS ROADS AND HOSPITALS WHICH ARE IN PATHETIC CONDITIONS.
HE SAYS THERE IS NEED FOR GOVERNMENT TO REVISE TAXES SUCH AS THE FIVE YEAR TAX HOLIDAY WHICH WILL MAKE COMPANIES TO START PAYING IN TIME AND AVOID SUCH SITUATION OF COMPANIES LEAVING AND SELLING TO PROBABLY A SISTER FAMILY TO RUN AWAY FROM PAYING TAX.
THE PARLIAMENTARIAN NOTED FOREIGN COMPANIES ARE RUNNING AWAY FROM PAYING TAX AND COMMUNITIES ARE NOT BENEFITTING MUCH FROM THERE RESOURCES BECAUSE OF THE NON ENFORCEMENT OF POLICIES WHICH WILL COMPEL FOREIGN COMPANIES NOT TO INVADE TAXES.
INSERT……….I WANT TO REPEAT
BARRICK GOLD IS IN THE PROCESS OF ACQUIRING EQUINOX MINES AT A PRICE OF 7.3 CANADIAN DOLLARS WHICH RUNS LUMWANA MINES IN ZAMBIA AFTER AN OFFER WHICH WAS ALSO ACCEPTED BY THE BOARD OF DIRECTORS.
THE OFFER BY BARRICK GOLD, THE WORLD’S LARGEST GOLD PRODUCER, IS THE LATEST IN A GROWING TREND OF MERGER AND ACQUISITION ACTIVITY IN THE METALS AND MINING SECTOR.
THE COMPANY NOTED THAT ITS AGREEMENT FOR EQUINOX PREVENTS THE AUSTRALIAN MINER FROM SOLICITING SUPERIOR PROPOSALS AND GIVES BARRICK THE RIGHT TO MATCH ANY COMPETING PROPOSALS
PUBLISHED BY AUGUSTINE
No comments:
Post a Comment