Romania hikes royalties on minerals extraction.

By bne IntelliNews January 3, 2012
The Romanian government said it has increased the royalties paid for extraction of mineral resources, except for natural gas and oil, from 4% to 6% for most ferrous and non-ferrous ores and from 4% to 8% for the noble metals including gold and silver. The hike is part of a decree adopted at the end of 2011, the government said in a statement. The fees on petroleum products transportation and on the operations of oil terminals were hiked from 10% to 15%; the fees on natural gas storage increased from 3% to 5%. Canada-registered Gabriel Resources, which has already started a massive gold mining project in Romania, was quoted by news agency Mediafax as saying that it is waiting for the government to explain whether the new royalties will applied for its operations. Romania collected RON 1,194bn (EUR 284mn, or 0.2% of GDP) in mining and oil royalties in 2010 and expects the increased size of the fees will generate 24% more revenue to the budget.
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Romania to spend EUR 37mn in 2013 to close down loss-making coal mines.

Romania's government has earmarked RON 163mn (EUR 37mn) worth of subsidies for 2013 under a programme aimed at closing down the loss-making mines of local company CNH located in the southwestern ... more

Romanias Hidroelectrica sells nearly 0.3TWh of electricity on free market.

Romanian state-controlled hydropower company Hidroelectrica sold on Thursday, March 21, in several separate contracts a total of 0.3TWh of baseload electricity deliverable between April 1 and the ... more

Romania to start privatisation of cargo railway company on April 6-8.

The Romanian government will publish the privatisation call for freight railway company CFR Marfa immediately after the consultants complete their work, probably on April 6-8, Romanian transport ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    5 days ago
  2. Saudi Arabia to scale back plans for Neom city
    9 days ago
  3. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    5 days ago
  4. PANNIER: Caspian military drills that exclude Russia and Iran have some people in Moscow asking questions
    6 days ago
  5. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    19 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    24 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    29 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    22 days ago

Reports

Dismiss