18180
Gov’t to Cut Mining Royalties
Economy, Business And Markets

Gov’t to Cut Mining Royalties

The government will soon reduce the rate of mining royalties imposed on iron ore mines, Tasnim News Agency quoted Minister of Industry, Mine, and Trade, Mohammad-Reza Nematzadeh as saying on Sunday.
Mine royalties became the subject of a heated debate among industrialists in the mining sector as the parliament passed a law last year which required mines to pay up to 25% of the value of their extractions as mining usufruct fees. Certain incentives were granted to iron ore mines however, as they will be given discounts if they manage to process iron ore into raw materials for steel, including iron ore concentrate, iron ore pellet and sponge iron. It was agreed that the mining usufruct fee will decrease to 21.5% if the iron ore producer processes iron ore into concentrate, while the figure will further decrease to 18% if the concentrate is processed further and is turned into iron ore pellet.
The parliament has also allowed the mining firms to pay only a 15% in mining usufruct fee if they continue the process and produce sponge iron – the input for a steel plant.

 

    

 

Short URL : http://goo.gl/JqW6oQ

You can also read ...

US Looking East After Fining Europe Over Iran Business
The US effort to put Iran in a financial bind meant European...
Proses has offered to explore a possible SISP at the world class Mehdiabad zinc (lead and silver) project in Iran where it has a role in development planning.
British mining and mineral processing technology company...
Iran’s Corruption Perceptions Index Improves
Iran’s score based on the Corruption Perceptions Index...
Home Security Startup Taps Face-Recognition Tech
A team of engineers that worked on self-driving cars and...
Depending on Iran’s progress in completing its action plan, FATF will take further steps in June 2018.
The Financial Action Task Force has recognized measures taken...
SpaceX successfully deployed a satellite into low Earth orbit for the Spanish government.
SpaceX took a critical step Thursday toward making one of Elon...
Crimean Ports Under Sanctions Looking for Way Out to Iran
Crimea’s ports, which are not operating at full capacity due...
Qazvin-Rasht Railroad to Come on Stream in 3 Months
The railroad to connect the two Iranian cities of Qazvin and...

Trending

Googleplus