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.

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