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momentum_seekeron Oct 30, 2008 3:00pm
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The draft Mining Law is ready (translated)
The draft Mining Law is ready (translated)The draft Mining Law is ready
10/29/200810/29/2008
The scheme envisages sending next week the proposed new Mining Act.
Yesterday completed the drafting of the final text and be sent to the Legislative Commission or 'congress', is planned for next week, according to sources from the Ministry of Mines and Petroleum.
For his part, the Government will begin to socialize the text, but the mining Mandate, approved on April 18 last, granted a period of 180 days for the enactment of the new Mining Law.
That deadline expired on October 15 last. Therefore, the Law on Mining is one of the priority projects, according to the Assembly.
On Monday this week, the owner of Mines and Petroleum, Derlis Palacios, met with 12 guilds mine who made three comments to the draft and which were explained yesterday at a press conference by representatives of various chambers of Mining.
The first relates to royalties to the State. According to the guild, these should be applied in a differentiated way.
The initial draft Mining Law established a royalty of up to 6% for the activity.
The miners' union calls for this benefit does not exceed 3% and operates in accordance with the classification: small-scale mining, a royalty of 1%; medium mining, 2%; mining and large, from 3%.
The second aims to eliminate the recovery of 12% of the Value Added Tax (VAT) which is imposed on mining exports, according to the project. For the president of the National Chamber of Mines, Fabian Rodriguez, this will ensure competitive prices for export .
And finally, to demand that small-scale miners have right of first refusal in the auction of mining rights posed by the project. Otherwise, "small-scale miners can not compete with large industries, which have more resources," he said.
Trust also that the Government review the 70% tax on extraordinary revenues generated by the high price of raw materials in the international market. "It is too high and that drive away investment."
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