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The IBC Mineral Resources Committee Meeting

July 23, 2015

The IBC Mineral Resources Committee discussed increasing in the rates of License Withholding Payments and Bonuses. The meeting considered recommendations to the relevant public authorities, as well as the opportunity to conduct a study with the assistance of independent experts.

Furthermore, a draft of the Method of calculating excessive losses of minerals and commercial components occurring while processing the raw minerals and draft changes to the Method of calculating payments for environmental pollution were reviewed. The meeting advised to send more letters to the relevant state agencies explaining why the above-mentioned versions of changes in legislation are not appropriate. It was also suggested to hold meetings with the leadership of the Economy Ministry and the State Agency for Geology and Mineral Resources.