PRESS: Russian natl resource min asks for metals mining incentives

MOSCOW, Apr 14 (PRIME) -- Russia’s Natural Resources and Environment Ministry has asked the government to introduce incentives on mining of chrome, manganese, tin and other raw base in iron and titanium production in order to reduce the ferrous metal producers’ dependence on imports, business daily Kommersant reported Thursday, citing a copy of a ministry’s letter.

The ministry proposes to introduce state guarantees on purchase of ferrous metals and alloys, to set a zero rate of the mineral extraction tax (MET) for the first five years when metals makers will be substituting imports, to set coefficients cutting tariffs and to develop state-private partnership.

Deputy Minister Yevgeny Kiselyov said in the letter that Russia’s mineral resources are enough to fully substitute imports but their low quality, need for investments and high infrastructure costs make the development troublesome.

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