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Chinese mining company announces shortfall due to Mongolian taxes |
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Thursday, 20 September 2007 |
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Mongolian taxes will cut into
profits of a Chinese metal and mining company, the company has announced
to stockholders.
China Nonferrous Metal Industry`s
Foreign Engineering and Construction Co., based in Beijing, said profits
this fall and next year will fall because of Mongolian taxes on their
zinc mining operations.
Company officials have warned
that profits may drop by US $2.4 million in 2007 and by $6.6 million
in 2008.
In a statement to the Shenzhen
Stock Exchange, China Nonferrous said the projected drop in profits
will be about 5.4% of its 2006 earnings.
Mongolia doubled its mining
tax rate to five percent in August 2006, and raised income and value-added
taxes on January 1. China Nonferrous had to withdraw from previous contracts
with the Mongolian government due to the new taxes.
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