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Angola Lowers Mine Taxes and Spends Billions to Attract Investors, Cut Reliance on Oil
Apr. 04, 2013 06:16PM PST
Base Metals Investing Bloomberg reported that Angola has enacted a mining law that cuts mining tax to 25% to attract more mining investments, according to Geology and Mines Minister Francisco Queiroz. Its government is also spending billions of dollars on projects which include the Cassinga iron ore mine which is projected to cost $900million.
Bloomberg reported that Angola has enacted a mining law that cuts mining tax to 25% to attract more mining investments, according to Geology and Mines Minister Francisco Queiroz. Its government is also spending billions of dollars on projects which include the Cassinga iron ore mine which is projected to cost $900million.
As quoted in the market news:
The new law is very clear with lots of security for investors, which gives them certainty, transparency and guaranteed mining rights,” said Queiroz, who drafted the new code. “It has flexibility for companies to join with partners based on negotiation with the government, not imposition, which is a break from the past.
