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Mining Royalties Down 5%

Mining Royalties Down 5% Mining Royalties Down 5%

Mining royalties, a crucial challenge for the sector, have been reduced from 30% to 25 %, SENA reported on Tuesday. The decision was made in a meeting hosted by the parliament’s integration committee, and attended by representative of Chadormalu Mining and Industrial Company, the deputy minister of industry, mine and trade, and vice president for planning. Some laws should be kept aside from the budget, said a parliament member, adding that “mining royalties should be considered in mining laws apart from the budget,” said Nader Pour Ebrahimi. He also noted that collecting a 30 percent tax from the mining sector at a time when they are grappling with global slowdown is not a wise move.

Financialtribune.com