What is the new gold rule in cameroon
Introduction
Cameroon is poised to become a major gold producer in the years to come. The African country has set its sights on increasing production from 12,000 ounces per year to 50,000 ounces annually over the next five years. What is the new gold rule in cameroon: New mining code should see Cameroon’s production increase?
A new gold mining code is set to replace the current code in Cameroon, Africa.
A new gold mining code is set to replace the current code in Cameroon, Africa. Given that this country has been one of the world’s top 10 producers of gold since 2016, the new code should see an increase in production of the precious metal in Cameroon and other African countries.
The current royalty rate is 5 percent but under the new rules it will be reduced to 3 percent while corporate tax will drop from 37.5 percent to 20 percent.
The new regime will see a reduction of the royalty rate to 3 percent from 5 percent as well as a reduction in corporate tax down to 20 percent from 37.5 percent.
This is in a bid by the country’s government to attract investors into the gold mining sector and boost production.
The new mining code has reduced the royalty rate from 5% to 3%. Corporate tax is also being reduced from 45% to 40%. This is in a bid by the country’s government to attract investors into the gold mining sector and boost production.
The new regime will come into effect on 1st January 2019 and will apply for 25 years for all existing and future mining contracts.
Producers are now eyeing an increase in production from 12,000 ounces per year to 50,000 ounces annually by 2023.
One of the most exciting aspects of this new gold rush is the potential for growth. Producers are now eyeing an increase in production from 12,000 ounces per year to 50,000 ounces annually by 2023. That’s a 100% increase in production in only five years!
Cameroon’s new gold mining code should see an increase in production of the precious metal in the country
In a bid to increase gold production in Cameroon, the government of President Paul Biya has announced a new mining code that will see an increase in production of the precious metal in the country.
The new regime will see a reduction of the royalty rate to 3 percent from 5 percent as well as a reduction in corporate tax down to 20 percent from 37.5 percent.
It was initially expected that under this new code there would be no limitation on foreign ownership but it appeared that this would be limited to 49 per cent instead of being open ended as initially thought.
Conclusion
The change in regulations should prove to be a game-changer for the gold mining industry in Cameroon, Africa. While the country’s new gold mining code will see an increase in production of the precious metal, investors are expected to benefit from lower taxes and royalty rates. These changes should also encourage foreign investment into the sector as well as boost employment opportunities for locals living close by.
