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New mining law.

NEW MINING LAW. The Honduran Congress approved a new mining law which eliminates tax shields for mining companies, reports (Jan. 24, 2013. For seven years the country has had an incomplete mining law, as in 2005 the Supreme Court struck down 13 items of this legislation, among which were items relating to the collection of taxes on mining companies. In the new law, it is specified that any exploration awards for non-metallic mineral and gems or precious stones will last a maximum of two years, counted from the date of concession award. Regarding metals, the concessions will be for a maximum of five years counted from the date of award. The basic points of the legislation say in no way will the mining authority grant mining concessions or benefits, if the corresponding concessionaire does not have an environmental license, issued by the appropriate authority.
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Title Annotation:HONDURAS
Publication:Caribbean Update
Date:Mar 1, 2013
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