Updates the Mining Code
10 Oct 2013
The new mining code removes some legal hurdles, simplifies procedures and strengthens investor protection. The State will no longer be a direct operator in the mining sector, although it will have the right to a 15 percent stake in mining projects in the country. It fixes an ad valorem tax of 4 percent of output for base metals, 5 percent for precious metals, 7 percent for precious stones and 2 percent for other minerals. Notably, in contrast with the 1976 code, the hydrocarbons sector will not be regulated by the mining code; separate legislation is currently being prepared.
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Type:
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Entry and establishment (Ownership and control, Approval and admission)
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Industry:
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Primary (Mining and quarrying)
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Sources:
