Russia plans to raise the amount of mineral tax levied on some mining companies

  The Russian government plans to treble a mineral tax on metals and fertiliser producers to boost state revenues, according to a Reuters report reproduced by the mining website www.mining.com.The bill excludes gold, diamond and coal producers.The Kremlin has let it be known that no decision has been taken.

  Russia's Ministry of Industry and Trade believes the government will run a budget deficit in the next three years due to weak oil prices and coVID-19.The ministry also said the increase in mineral taxes would have an impact on the government-supported rare earth industry and further discussion was needed.

  Once the bill takes effect, the government will receive about 90 billion rubles a year in additional taxes.They will also have a significant impact on mining companies such as Norilsk Nickel, Rusal, Phosgaro, NLMK, Severstal and Evraz.

  The government and related companies have yet to comment on the proposal.