Newsletter
Submit
World Clock
Hong Kong  13:19
New York  00:19
Mumbai  10:49
Jerusalem  07:19
Brussels  06:19
Moscow  09:19
Home > Diamond News Center > Diamond News > Mining

Namdeb Wants to Pay Less Taxes on Diamonds

20.05.12, 12:03 / Mining
diamond
De beers  Enlarge
Looking for diamonds
Diamond company Namdeb has asked the Namibian government if it could pay fewer taxes on at least some of its operations that are not making as much profit as had been expected, Mining Weekly reported. As of this writing, the company, which is owned in part by De Beers and in part by the Namibian government itself, pays a 10% royalty rate on sales and a 55% tax on its profits. It paid $132 million in taxes in 2010, amounting to 72% of its $180 million profit before taxes.
 
The company said that it would be investing $1 billion, including $450 million in the coming year, in order to increase diamond production. Namdeb also announced that it would be purchasing a number of $20 million walking jack-up platforms, massive machinery that permits diamonds to be mined in shallow coastal waters. In addition, the company noted that it would be leasing a marine vessel to permit diamond exploration in waters of medium-depth, at a price of $70 million annually.
 
Recommendations from Facebook
© Copyright 2014 Israel Diamond Institute. All rights reserved
Terms of Use Privacy Policy
Israel Diamond Institute ewave
Access the Israel diamond institute portal
registred members
  #
Forgot your password?