[miningmx.com] – BURKINA Faso has passed a new mining code in which it will abolish a 10% tax break on mining company profits and obliges firms to pay into a local development fund, said Reuters.
The code replaces 12-year mining regulations and was a requirement set down by the World Bank for the release of $100m in budget support for the country, Africa’s fourth largest gold producer.
The funds were frozen in February pending passage of the new code and an anti-corruption law, which was adopted in March, said Reuters.
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