Ivory Coast Says It May Negotiate Gold Tax Rate

Source:

"Ivory Coast is open to discussing with miners the rate of a proposed windfall tax on gold profits but will not back away from the levy meant to capitalize on soaring world prices for the metal, the country's mines minister said on Monday."

Reuters, Joe Bavier

Ivory Coast is open to discussing with miners the rate of a proposed windfall tax on gold profits but will not back away from the levy meant to capitalize on soaring world prices for the metal, the country's mines minister said on Monday.

The West African nation's government adopted a tax of 19 percent on profits above an indicative cost of production set at $615 per ounce during a cabinet meeting last month.

Miners say the new tax would violate existing stability agreements and hinder the development of the country's nascent mining sector.

"Ivory Coast is not the first country to apply an increase on profits and super profits. . .This is not new," Mines Minister Adama Toungara said during a meeting with mining companies on Monday. . .View Full Article

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