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« Will There Be a ‘New Gold Rush?’ -- Ian Gordon, Longwave Analytics | Main | Dollar marks biggest weekly gain against yen in a year »
Monday
Aug252014

India hikes mining royalty

Meantime, miners struggle to pass on the higher cost of business with the government going for a bigger slice of the pie during a tough time for the industry.

Author: Shivom Seth
Posted: Monday , 25 Aug 2014 

MUMBAI (MINEWEB) - 


The Indian government has approved the hike in royalty rates of at least 10 minerals, which will enrich the exchequer of states by over $1.9 billion (Rs 120 billion). The hike in royalty translates into enrichment of the coffers of states like Orissa, Jharkhand and Chhattisgarh by at least over $661 million (Rs 40 billion) each, especially for major minerals like iron ore and bauxite.

Miners pay royalty to states and the governments of the mineral rich Jharkhand, Chhattisgarh and Karnataka had been demanding a rate revision.

The royalty for 23 of the 51 minerals, whose rates can be decided by the Centre, were revised on the basis of recommendations of a study group.

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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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