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Mali's new mining code shortens stability period to 10 years -ministry

Fri 23rd August, 2019 4:38pm
BAMAKO, Aug 23 (Reuters) - Under a new mining code,
companies operating in Mali will be protected from fiscal
changes for 10 years, down from the previous "stability period"
of 30 years, a senior mines ministry official told Reuters on
Friday.
    On Wednesday, the ministry announced the new code, which
also ended an exemption from value-added tax during production,
but did not specify by how much it would shorten the period
under which firm's investments are protected from changes to
fiscal and customs regimes.  urn:newsml:reuters.com:*:nL5N25I4W6
    Companies operating in the country include Barrick Gold Corp
 ABX.TO , B2Gold  BTO.TO , Hummingbird Resources  HUMR.L  and
AngloGold Ashanti  ANGJ.J .
    Lassana Guindo, a technical advisor at the ministry who is
in charge of the new code, said the shorter stability period was
in line with regional norms.
    "In the sub-region, Mali was one of the few countries to
have a long (stability period)," he said. 
    The new code is an opening salvo in what could be a
protracted negotiation between the government and corporates
over mining regulation in Africa's third-largest gold producer.
The move is seen by some as a new instance of resource
nationalism on the continent.
    

 (Reporting by Tiemoko Diallo
Writing by Alessandra Prentice; editing by David Evans)
 ((alessandra.prentice@thomsonreuters.com; +380 44 244 9150;
Reuters Messaging: alessandra.prentice.reuters.com@reuters.net))
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