First Quantum refuted claims from the Zambia Revenue Authority (ZRA) that the company had an outstanding tax bill of roughly US$8 billion. The claim, made in late March, originates from US$540 million of equipment brought in by First Quantum between 2012 and 2017 for its Sentinel copper mine that the ZRA says were miscoded, resulting in underpaid import taxes. The majority of the bill comes from a resulting US$5.7 billion in interest and US$2.1 billion in penalties.
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