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Honduras to analyze call for lower mining taxes

Bnamericas Published: Friday, February 12, 2016
Honduras to analyze call for lower mining taxes

Honduras' government will consider a call to cut mining taxes in response to falling commodity prices.

Energy, mines and environment ministry MiAmbiente has asked the country's geology and mines bureau (Inhgeomin) to analyze the call for lower taxes from industry leaders, local news website La Tribuna reported.

Private investment council Cohep last week warned the mining industry is in a critical situation due to price weakness and will be forced to suspend or scale-down operations unless production costs can be reduced.

Miners' main costs are energy, fuel and explosives, taxes and charges included in the country's mining code, which equate to a 6% royalty, La Tribuna reported, quoting MiAmbiente chief José Antonio Galdámez.

Cohep called on the government to begin urgent talks with sector leaders to find a swift solution and avoid closures and job cuts.

Aura Minerals is Honduras' main gold producer with the San Andrés mine, while Five Star Mining operates the Monte Redondo iron ore mine.

The country's mining exports have declined in recent months due to weak prices and lower iron ore production.

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