Economy, Business And Markets

Mine Royalties

Mine Royalties Mine Royalties

The parliament on Tuesday approved a resolution on the amount of mine royalties that have to be paid by all iron ore extracting companies or individuals whose mining exploitation licenses have been granted by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), IRNA reported. Under the approved resolution, the mine royalties will be calculated based on 25% of the sales of raw and pulverized iron ore, 21.5% of the sales of iron ore concentrate for production of iron ore pellet within or outside the company, 18% of the sales of iron ore pellets, and 15% of the sales of direct reduced iron (DRI). Examining the details of the revenues anticipated in the budget bill for the fiscal year starting on March 21, the lawmakers arrived at the decision based on clause 2 of article 10 of the budget bill which requires iron ore companies to pay the treasury a percentage of their sales, in proportion to their investment on value addition in the steel production chain.