Published: 03 February 2014

Gold mining companies are lobbying Government for a reduction in the rate of royalty and power tariffs applicable to the sector to avoid potential collapse of mines and loss of jobs.

Apart from reduction in the rate of royalties and power tariffs, gold miners have also called for a reduction in mining fees and charges, market competitive gold refining and tax deductible royalties.

Further, they are appealing for centralised rationalisation of unit taxes, the removal of environmental levy and scrapping of all Environmental Management Agency charges.

Their calls follow the drastic fall in the price of bullion on the international markets from highs of $1 700 per ounce in 2013 to about $1 200 per ounce at present.
- heral

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