Published on29th January 2009
ASTANA- The government of Kazakhstan, home to several large mining companies,plans to offer tax cuts to miners in exchange for pledges not to sacktheir workers, Finance Minister Bolat Zhamishev said on Thursday.
Miners across the world are struggling as metal prices have fallen sharply due to sagging demand in a deepening downturn.
"[The government] is preparing a decision on introducing lower ratesand, as a condition for these rates to be applied, companies must notsack the workers... who have become redundant today," Zhamishev told agovernment meeting.
Finance Ministry estimates total tax cuts for the sector to be worth about $200-million, it said in a statement.
Mining firms ENC and Kazakhmys run their core operations in the Central Asian state.