Economy, Domestic Economy
0

Penalty Waiver for Indebted Miners

Penalty Waiver for Indebted MinersPenalty Waiver for Indebted Miners

The government is going to waive delay penalties for miners who move to clear their royalty debt. The measure is aimed at helping financially distressed mines to resume operations, stem rising unemployment in the mining sector and boost government revenues, ISNA reported. Based on Article 14 of Iran Mining Act, miners are mandated to pay a certain percentage of the mine’s earnings to the government as mining royalty. The percentage is determined by the Ministry of Industries, Mining and Trade every year. This is while Iranian miners, especially iron ore producers, have lately hit a sticky patch over the global decline in mineral prices.

 

Add new comment

Read our comment policy before posting your viewpoints

Financialtribune.com