Zambian revenue authority clears Kagem
JSE-listed coloured gemstone miner Gemfields said on Tuesday that the Zambian Revenue Authority (ZRA) had cleared its Kagem mine, following a recent tax investigation.
The investigation started in August when the ZRA served two search warrants during an unannounced visit to Kagem. The search warrants authorised the ZRA to take wide-ranging documents and files including those allegedly “used by Kagem Mining/Limpopo Polygraphs to evade the payment of value added tax, income tax, withholding tax and other taxes”.
Gemfields said that the ZRA had advised Kagem that the matters it had been looking into had been suitably addressed and that there were no findings of wrongdoing or late payment by either Kagem or Limpopo.
In a separate statement, Gemfields also announced the results of an auction of rough rubies in Singapore that were held last week. The rubies were extracted from Montepuez, in Mozambique.
The company netted $55.3-million from the sale of 655 623 ct out of the 685 363 ct offered. The average price achieved was $84.32/ct.
The 41 Gemfields auctions held since July 2009, 30 of Zambian emeralds and 11 of Mozambican rubies, have now surpassed $1-billion of combined auction revenue, which the company stated was a remarkable benchmark for the coloured gemstone sector.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation