FQM U-turns on job cuts

First Quantum Minerals Limited has u-turned on its earlier plan to lay off workers saying it will not be laying-off Zambian workers.
The mining giant says it remains in dialogue with Government over the new Mining Taxes.
Canada’s First Quantum Minerals last month said it will lay off 2,500 workers in Zambia over plans by Africa’s Number two copper producer to hike mining taxes.
FQM said in a statement that it planned 1,250 layoffs at its Sentinel Mine at Kalumbila and 1,250 at the Kansanshi Mine Limited in Solwezi in the first quarter of 2019, as well as an unspecified number of contractors.
But in a statement issued to Money FM News on Tuesday, First Quantum says it will not now proceed with the planned lay-off of any Zambians involved in its production activities.
Furthermore, First Quantum says it commits to strive to maintain its production where operational constraints allow.
The Zambian mining tax measures introduced on 1st January posed a range of economic challenges to the mining sector.
Following detailed analysis and after having considered various factors resulting from the new taxes, First Quantum has decided to reduce only those elements of its workforce in Zambia associated with Capital Projects.
Notwithstanding this, First Quantum says it continues to engage closely over the new taxes with the Zambian Government, in order to find an enduring solution which is beneficial to both the Government and the Company.


_____________________________________________
MONEY FM IS ZAMBIA’S FIRST AND ONLY BUSINESS & PERSONAL FINANCE RADIO STATION. WE FOCUS ON BUSINESS AND MONEY-RELATED TOPICS, AS WELL AS GENERAL NEWS AND DISCUSSION OF WIDER SOCIAL TOPICS SUCH AS HEALTH, EDUCATION, FOOD, MUSIC, FITNESS AND MORE

______________________________________________

More From Author

Future-Proofing Your Business Building

News of the Abyssal Wonders discovery has reverberated throughout the scientific community, sparking intense interest…

Read More

Car Enthusiast’s Dream: Exploring High-Performance Models

News of the Abyssal Wonders discovery has reverberated throughout the scientific community, sparking intense interest…

Read More

The Dos and Don’ts of Professional Gatherings

News of the Abyssal Wonders discovery has reverberated throughout the scientific community, sparking intense interest…

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

SEC attributes decline in Q4 bond trades to delayed debt restructuring process

• One of the challenges is to do with the delays in finalizing the debt…

Read More

Economist attributes poor Kwacha performance to low copper output

• The Kwacha has performed badly against the dollar.• Its performance has been against what…

Read More

Task Force seizes 10,050 litres of illegal fuel worth K300, 000

• 22 people were arrested for offences related to illegal fuel dealings. • Illegal fuel…

Read More