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Rusal: New Mining Code Will Reduce Appeal Of Investing in Guinea
Friday, April 12, 2013 0:32
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This week, the mining ministry said it had amended its 2011 mining code. That included reducing the industrial and commercial tax rate to 30% from 35% and cutting royalties on bauxite to 0.15% of the internationally traded aluminum price from 0.55%.
But the concern to miners was the reaffirmed clause from the 2011 mining code that gives the state the right to a free 15% stake in all mining projects with the option to purchase an additional 20% stake at a latter stage.
