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First Quantum Gets Time to Solve $7.9 Billion Zambia Tax Row

Taonga Clifford Mitimingi, Gordon Bell
First Quantum Gets Time to Solve $7.9 Billion Zambia Tax Row

Zambia agreed to give First Quantum Minerals Ltd. more time to complete its analysis of what the company might owe the southern African nation after it was slapped with a $7.9 billion tax bill, according to the finance minister. The Vancouver-based company is challenging the assessment from Zambia’s revenue agency, which claims First Quantum incorrectly declared imports for one of its two mines in Africa’s second-biggest copper producer. The government has audited major mining companies operating in the country, which include Vedanta Resources Plc and Glencore Plc.