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18 Mar 2015

Pauline Bax & Simon Gongo, Bloomberg Business

Burkina Faso: Chamber of Mines supports levy to finance community development fund

"Burkina Faso Chamber of Mines Backs Levy in Revised Mining Code", 5 Mar 2015

Burkina Faso's Chamber of Mines said it will support a proposed mining code that includes an extra levy on revenue to finance a community development fund...The government set the tax at 0.5 percent in the latest draft of the bill after the chamber rejected a levy of 1 percent...Burkina Faso needs to adopt the changes and pass an anti-corruption bill to unlock about $100 million in budget support from the World Bank. Mining companies are seeking clarity from the transitional government ahead of October elections. There are few changes to existing taxes in the new code...Burkina Faso is Africa's fourth-largest gold producer, after South Africa, Ghana and Mali...[Refers to IamGold, Semafo]