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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (59893)	6/2/2010 9:06:30 AM
From: LoneClone	Read Replies (1) \| Respond to of 193132

Mali to introduce pro-investment mining code Mali's mines minister said Tuesday is hopes to introduce a new code in October in an effort to encourage more investment in its minerals sector Posted: Wednesday , 02 Jun 2010 BAMAKO (Reuters) - mineweb.com Mali wants to introduce a new mining code in October as the West African gold producer attempts to encourage more investment in its minerals sector, its mines minister said on Tuesday. Africa's third biggest gold producer wants to take advantage of high metals prices by developing mining, which recently overtook cotton as the country's biggest export earner. Firms which own permits but are not digging may lose their rights under the proposed new code. "When an operator is active (or) in the process of conducting research, the renewal can be done without altering the title," Mines Minister Abou Bakar Traore said on national radio. "On the contrary, a company which has title but is not working underground, when it comes to renewal the title will be split and later cancelled." Last month, a mines ministry official said Mali would become Africa's newest iron ore producer in September, when Indian-owned firm Sahara Mining expects to start digging the steelmaking mineral. Despite a call from the African Development Bank last week for African countries to raise taxes on mining firms, Mali suggested it may look to cut taxes. "Another aspect is taxation ... it is thought that we are the country that levies the most on mining operations," Traore said. South Africa's Gold Fields (GFIJ.J) said last month it plans to open a new mine in Mali, the Komana project, in the coming three years. As well as Gold Fields, other firms working in Mali include Anglogold Ashanti (ANGJ.J) and Randgold Resources (RRS.L). The new mining code will be presented to government by the end of June, and voted upon in the national assembly's October session, Traore said. (Reporting by Tiemoko Diallo; Writing by Daniel Magnowski; Editing by James Jukwey)