The new revenue-sharing scheme would see the government taking 55% of the industry's net revenues or 10% of gross revenue, whichever is higher.
Tax promises to cripple new energy sector investment.
The miner is warning the multitude of new legislation could send compliance costs soaring by tens of millions of dollars for global companies.
It has raised a mere $232 million so far, as opposed to $4 billion originally forecast when the legislation was enacted in 2011.
New president and his administration are planning to revoke rules passed in 2012, which impose 35% local equity shareholding in the country’s mining licences.
International mining executives believe the industry is in the midst of a transition from a blue collar to a white collar workforce.
MMX Mineração e Metálicos S.A. will dispute the charge as it claims there is no legal basis for
After years of debate, South Africa’s ruling party African National Congress rejected Thursday plans to nationalize the country’s mining sector, but voted in favour of higher taxes in the world’s main producer of platinum and chrome.
Brazilian miner Vale SA (NYSE:VALE) said Wednesday its fourth-quarter results would suffer after the company decided to settle a case of alleged tax evasion with Swiss authorities.
Mining giant Vale (NYSE:VALE) has started paying the Brazilian government $674 million ($1.4 billion real) in a dispute over mining royalties.
Australia’s Federal Government has seen sunnier days as reports revealed Thursday it has not collected any revenue in the first three months of its much-debated Minerals Resource Rent Tax (MRRT).
African governments risk harming their own economies by trying to squeeze quick returns from the mining companies in their countries, said Tuesday Randgold Resources’ (LON:RRS) chief executive Mark Bristow.
BHP Billiton has added three new names to its growing list of shelved coal mine projects as it defers its Red Hill and Saraji East coal projects.
Freeport currently pays 3.5% for mining copper in Indonesia, Southeast Asia’s largest economy, and 1% for gold.
Mining giant Rio Tinto has announced more job cuts across its coal mines in Queensland as the state raises its royalty rates.
Brazilian mining giant Vale has followed the gloomy trend set by BHP and Xstrata by announcing it will lay-off workers at its coal operations.
Australia’s mining giants are threatening both the government of Queensland and the federal authorities with dropping all of their new projects in response to the state’s surprise increase in coal mining royalties.
Botswana is setting out to lower the fiscal burden on resources investors in a charm offensive that separates it from the mining jurisdictions that are currently looking to increase mining taxes.
After months of intense debate among mining companies, environmentalists, local groups and church leaders, the government of the Philippines has decided to increase royalties from mining companies.
Brazil's lower house mining and energy commission has rejected 10% export tax on all iron ore exported by local miners, but Standard & Poor warns permitting and infrastructure issues are threatening the country’ iron ore expansions.
Brazilian mining giant Vale (NYSE:VALE) announced the country's Superior Court of Justice ruled in favour of the federal tax authority in its appeal against an injunction granted in March suspending payment of taxes on overseas profits by the company.
Indonesia has decided to have its mining cake and eat it too, as the country, one of the world’s largest exporters of copper and coal, will start imposing a 20% tax on mining exports beginning next week.
Mumbrella may face defamation charges from Xstrata Coal after it published a parody video of the anti mining taxes campaign, re-launched last week by The Minerals Council of Australia.
Indonesia wants to have its mining cake and eat it too, as the country, one of the world's largest exporters of copper and coal, will speed up a tax on mining exports, the industry minister Mohamad S. Hidayat told Reuters today.
Mining companies operating in the Philippines reckon the new mining policy to raise tax revenues, to be unveiled this month, will deter potential investors.
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