The ZRA has been after FQM for awhile.
The ICTD has a long paper out recommending taking total control. FQM has been dealing with the problem for quite some time and for the most part been pretty successful. As the progressive politicians have again run out of money they are determined to punish FQM. In the last couple of days the fire has been turned up.
Here is a link from this morning,(actually this evening in Zambia), where he walked back a little of what he said yesterday. However, he still states that miners,(FQM), must pay a new tax whether the are making money or not. It must be based on production and the Revenue line of the P&L, although ZRA wants it based just on production that must be maintained at the desired level whether such production is profitable or not. In other words, you will produce regardless of costs or economic sense and will pay a tax based only on our needs on the production. I don't think FQM wants any hostile activity in Panama while they have their hands full in Zambia.
Zambia Finance Minister Says Mine Tax Must Meet Country's Needs ...
www.bloomberg.com/news/2013-10-30/zambia-finance-minister-says-mine-tax-must-meet-country-s-needs.ht...
7 hours ago ... Zambia, Africa's biggest copper producer, must consider its revenue requirements when determining tax policy for the mining industry, Finance ...
IF YOU WANT TO KNOW MORE...CONTACT PMC, JAL/GOLDPET, AND INVESTOR 20501. THEY DO EXTENSIVE DD AND ARE ON TOP OF THIS VERY IMPORTANT SITUATION FOR FQM THAT MAY BEAR DIRECTLY ON PTQ AND MINERA-PANAMA. I don't have their contacts, so I had to rely on a phone call from a friend at FQM.
