First Quantum Minerals (FQM) has reaffirmed its role as a key economic player in Zambia, revealing that it made a direct economic contribution of $2.6 billion to the country in 2024. This disclosure was made in the company’s 2024 Tax Transparency and Economic Contributions Report, which highlights the significant impact of its operations on national development and the mining sector.
According to the report, FQM paid a total of $649,911,458 in government revenue, underlining its commitment to fiscal responsibility and transparency. Among these payments, royalties amounted to $270,014,269, while withholding tax payments stood at $19,372,074 for the year. The company also invested $13,182,935 in community initiatives, social outreach, and communication efforts, reflecting its dedication to social responsibility beyond mining.
The report further outlined the company’s significant support to the Zambian workforce and businesses. In 2024, FQM spent $236,358,753 on salaries and wages, directly benefiting thousands of Zambian families. Additionally, $1,753,547,479 was paid to local suppliers, strengthening domestic supply chains and promoting local content in the mining industry.
Under the Extractive Sector Transparency Measures Act (ESTMA), FQM also detailed tax contributions made by its subsidiaries. Kansanshi Mining Plc and FQM Trident Limited contributed $103,883,637 and $3,566,890 respectively in reportable taxes, demonstrating transparency in line with international reporting standards.
These figures underscore FQM’s central role in Zambia’s economic landscape, especially within the mining sector, which remains one of the country’s most significant sources of employment, revenue, and foreign investment. The company’s continued investment in community development, employment, and supplier engagement paints a picture of a business deeply integrated into Zambia’s broader developmental goals.
As Zambia continues to pursue sustainable growth and economic diversification, contributions like those made by First Quantum Minerals are crucial in driving progress, fostering partnerships, and building resilience across sectors.