Govt supports reduction of MET for rare metals to 4.8% from 8%

MOSCOW, Nov 13 (PRIME) -- The Russian government’s commission has approved a bill that reduces the rate of mineral extraction tax (MET) for production of rare and rare earth metals to 4.8% from 8%, the government said in a statement late on Monday.

“The bill suggests reduction of the MET rate to 4.8% from 8% applicable to production of ores of rare metals that form their own fields, in which rare metals are major components, and also for the rare metals that are associated components in ores of other metals that form their own fields, or in ores of other minerals, or in multi-component ores,” the statement read.

The bill also encompasses a reduction factor to stimulate production of specific rare metals that are of strategic importance.

The list of metals includes lithium, rubidium, cesium, beryllium, strontium, cadmium, scandium, rare earth metals, indium, thallium, gallium, titanium, germanium, zirconium, hafnium, vanadium, niobium, tantalum, bismuth, selenium, tellurium, and rhenium.

End