Economy, Business And Markets
0

Iron Ore Mining Royalties Down 70%

Iron Ore Mining Royalties Down 70% Iron Ore Mining Royalties Down 70%

The Ministry of Industries, Mining and Trade has reduced mining royalties on iron ore mines by 70% depending on the condition of mines. The Iranian Iron Ore Producers and Exporters Association earlier objected to methods by which mining royalties are calculated and had submitted several proposals to the Mining Department of the ministry in this regard, Qadir Qiafeh, the association’s chairman said. “The ministry has acted very positively on the issue amid the existing global recession in iron ore market,” Eghtesad News reported. He proposed that “royalties should be calculated by considering the geographical location, dimensions and type of mines together with their type of ore and the proportion of wastes to the net extracted minerals.”

Financialtribune.com