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Poland could cut KGHM's 2016 mining tax -RMF radio report

Published 2016-03-25, 08:22 a/m
© Reuters. Poland could cut KGHM's 2016 mining tax -RMF radio report
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WARSAW, March 25 (Reuters) - Poland's Finance Ministry could
lower to 1 billion zlotys ($262.2 million) the mining tax paid
almost solely by state-controlled copper producer KGHM KGH.WA ,
local radio station RMF FM said on Friday without naming its
sources.
The levy introduced in 2012 weighs heavily on KGHM, which is
Europe's second biggest copper producer as well as the world's
largest silver miner but suffered a record loss last year on
writedowns attributed to falling metals prices.
Poland's state budget this year envisaged booking 1.5
billion zlotys from the levy, compared with the 1.4 billion paid
last year by KGHM, which also operates in Germany, Canada, the
United States and Chile.
According to RMF FM, the finance ministry is to present its
new mining tax proposal next month.
Finance Ministry spokesman Waldemar Grzegorczyk said that
plans for the mining tax were still being worked on.
($1 = 3.8141 zlotys)

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