Barrick to Suspend Lumwana Operations Over Royalty Increase

摘要

Barrick Gold announced on December 18, the initiation of procedures to suspend operations at the Lumwana copper mine in Zambia following passage of legislation that raised the royalty rate on the country's open-pit mining operations from 6% to 20%. The new tax regime, which was expected to go into effect on January 1, eliminates corporate income tax but imposes a 20% gross royalty on revenue without any consideration of profitability.