Economy, Business And Markets

Parliament Firm on Mine Royalties

Parliament Firm on Mine RoyaltiesParliament Firm on Mine Royalties

The parliament believes all mines across the country, and not only the big ones, should pay royalties, Eghtesadnews quoted member of board at the parliamentary commission for industries and mines Mohammad Bayatian as saying on Friday. He said by doing so, the revenues planned in next year’s budget for mining royalties will fully materialize. The next year’s budget law requires all mining companies whose exploitation licenses have been granted to the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) to deposit 30% of their sales to the treasury. The parliament and mining companies are still haggling over the percentage of the royalty payments. The parliament is currently investigating the royalty debts of the country’s biggest iron ore mines Chadormalu and Golegohar. Only less than 25% of their 1.3-trillion-rial debt has been cleared so far.