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Poland's KGHM eyes return to local projects with govt tax proposal

Published 2015-07-27, 12:12 p/m
Poland's KGHM eyes return to local projects with govt tax proposal
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GLOGOW, Poland, July 27 (Reuters) - Polish copper miner KGHM
KGH.WA expects the government's new mining tax proposal to
allow them to return to some previously unprofitable projects in
Poland, its chief executive said on Monday.
Earlier on Monday, Polish Prime Minister Ewa Kopacz flagged
a possible revision to the country's mining tax, with an option
to suspend the levy until a miner achieves a return on
investment from new mines. ID:nFWN10703C
"It is a very important proposal and the first such
declaration relating to the changes we proposed to the current
mining tax," said Herbert Wirth, CEO of KGHM, Europe's No.2
copper producer .
"This will allow us to return to these Polish mining
projects, which, given the current tax scheme, were not
profitable," he told Reuters.
The mining tax, which weighs almost solely on
state-controlled KGHM, has brought 5 billion zlotys ($1.35
billion) into state coffers since its implementation in 2012.
($1 = 3.7109 zlotys)

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