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Barrick Gold so far escapes Zambian tax crackdown

  • Barrick Gold (ABX) rose 2.5% in today's trade as it seems to have escaped - at least for now - a tax crackdown in Zambia that has ensnared fellow miner First Quantum Minerals (OTCPK:FQVLF) with a government demand for ~$8B in interest, penalties and reassessment charges.
  • ABX, which operates the Lumwana mine in Zambia, says it has not received any notification from the tax authority regarding an audit or tax reassessment.
  • First Quantum CEO Philip Pascall notes Zambia has reduced big tax assessments against it in the past but says he declines to speculate on the possible outcome of the country’s review of the latest claim, which involves more than 23K documents and could take up to six months; shares rose 4% today after plunging 12% yesterday.

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