Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Mali's new mining code ends tax exemptions, other protections

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/22/2019 | 05:32am EDT

BAMAKO (Reuters) - Mining companies operating in Mali will no longer be exempt from VAT during production and will have a shorter period of protection from fiscal changes, according to a new mining code announced by the Mines Ministry on Wednesday.

The new code seeks to redress the "shortcomings" of a 2012 law by bringing a "substantial increase" in the contribution of the mining sector to the economy, the Mines Ministry said in a statement.

But it contains some clauses that international mining companies have strongly opposed elsewhere in Africa, most notably in the Democratic Republic of Congo where companies have been at loggerheads with government.

The new code in Mali, Africa's third largest gold producer, shortens the "stability period" during which mining companies' existing investments are protected from changes to fiscal and customs regimes.

Under the previous law, the stability clause was 30 years. It was not made clear on Wednesday what the length of the new stability period would be, but the Economy Ministry said last year that the government aimed to reduce those protections to the lifespan of a mine.

Mali's government had been negotiating with mining companies to draft a new mining code, but it said last year that it would move to implement a new law unilaterally if no compromise was reached.

It was not clear on Wednesday whether the new code was the product of compromise or if it was proposed without consultation.

Companies with stakes in industrial gold mines in Mali include Barrick Gold Corp, AngloGold Ashanti, B2Gold and Hummingbird Resources.

(Reporting by Tiemoko Diallo; Writing by Edward McAllister; Editing by Leslie Adler)

Stocks mentioned in the article
ChangeLast1st jan.
ANGLOGOLD ASHANTI LIMITED 2.53% 296.22 End-of-day quote.62.70%
B2GOLD CORPORATION 2.70% 4.56 Delayed Quote.11.28%
BARRICK GOLD CORP 0.78% 24.47 Delayed Quote.31.74%
GOLD 1.16% 1517.063 Delayed Quote.16.96%
HUMMINGBIRD RESOURCES LTD 5.38% 24.5 Delayed Quote.13.69%
SILVER 0.90% 17.96 Delayed Quote.15.17%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
04:00pSoftBank mulls bringing 40 companies to Brazil
RE
03:32pPRIME MINISTER OF HUNGARY : A Christian Democratic state has been built in Hungary
PU
11:29aLabour government would abolish 'non-domiciled' status in first budget
RE
10:37aADB ASIAN DEVELOPMENT BANK : Vice-President Reaffirms Commitment to Uzbekistan's Development
PU
09:29aTanzania sees 2019/20 cashew nut output up 33 percent - minister
RE
07:09aMIN ZHANG : China traders cut back Iran iron ore purchases ahead of tariff hike
RE
06:52aPRESIDENT OF RUSSIA : Greetings to President of Armenia Armen Sarkissian and Prime Minister Nikol Pashinyan on Armenia's national holiday – Independence Day
PU
05:18aHopes for trade breakthrough fade as China cancels U.S. farm visits
RE
05:12aNATIONAL PORK BOARD : Clearing the Way for New Opportunities
PU
04:52aCENTRAL PEOPLE GOVERNMENT OF PEOPLE RE : China to see bumper harvest of grains
PU
Latest news "Economy & Forex"