- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Reuters reported that on Friday, Burkina Faso’s transitional parliament passed a new mining code that eliminates a previous 10-percent tax break on the profits of mining companies. Companies must now pay into a local development fund.
Reuters reported that on Friday, Burkina Faso’s transitional parliament passed a new mining code that eliminates a previous 10-percent tax break on the profits of mining companies. Companies must now pay into a local development fund.
As quoted in the market news:
The adoption of the new code, which replaces 12-year-old mining regulations, was among requirements set by the World Bank for the release of $100-million in budget support for the West African country.
The funds were frozen in February pending passage of the new code and an anti-corruption law, which was adopted in March.
The two pieces of legislation had long been called for by donors and among those demanded by protesters who took to the streets in October, forcing veteran leader Blaise Compaore to step down and flee the country after nearly 30 years in power.
Burkina Faso is Africa’s fourth biggest gold producer and the precious metal accounts for roughly 20% of gross domestic product.
Two dozen firms operate in the sector, including Semafo, IamGold and Avocet Mining. They had previously benefited from corporate tax rates lower than other nations in West Africa.
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.