Bill to reduce royalties paid by cooperatives being debated in lower house

Thursday, November 19, 2009

A bill has been introduced in Bolivia's lower house that proposes lowering royalties paid by mining cooperatives on gold exports from 7% to 1.5-2%, local press reported.

The bill was designed to stimulate the sector, which is currently dealing with a number of production difficulties mostly in the north of La Paz where several gold mining cooperatives are located, according to Isaac Meneses Guzmán, the deputy minister of mining cooperatives at the Bolivian mining and metallurgy ministry.

According to the official, output is relatively low and producers have to sell their gold to intermediaries in Peru and Chile, where taxes are relatively low compared to Bolivia.

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