Albanian government cuts the mineral rent by half

Albanian government cuts the mineral rent by half

Tirana, 6 May 2016/Independent Balkan News Agency

The Albanian government has planned to reduce the mineral rent for domestic processing, by cutting it by 50% for most minerals.

This step comes in the framework of several concessions favoring the mineral industry, which is facing difficulties as a result of the fluctuations of prices in international markets.

Earlier, the Albanian government corrected the reference price.

The drastic fall of prices of minerals in international markets have also had an effect in Albania, putting the industry in difficulty.

For almost a year and a half, the price of minerals has seen a drop of 40% for chrome and copper and 77% on nickel.

For this reason, the package with concessions for the industry is seen by the government and entrepreneurs as the only salvation.

Mineral rent has seen constant changes. Until 2007, it was 2% for all minerals. Then it was changed from 4 to 10% for different minerals. The highest rent applies for gold, silver, precious stones, oil and gas with 10%, copper, chrome and nickel with 6%. /