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24 Mar, 15:45

Russian Finance Ministry weighing tax break for mining of rare metals

According to the Ministry of Natural Resources, Russia boasts reserves of 29 rare metals, including fifteen rare-earth ones

MOSCOW, March 24. /TASS/. The Russian Finance Ministry will explore the possibility of removing the mineral extraction tax (MET), pending a financial and economic feasibility study, Deputy Minister Alexey Sazanov told reporters.

Andrey Kutepov, the head of the Federation Council’s economic policy committee, earlier sent a letter to First Deputy Prime Minister Denis Manturov advocating for a 15-year MET exemption on all rare metal ores, including titanium, tungsten and zirconium.

"We have received the relevant request; await the financial and economic rationale. Before we see that, it would be premature to draw any conclusions. We will carefully examine the proposal," Sazanov said.

According to the Ministry of Natural Resources, Russia boasts reserves of 29 rare metals, including fifteen rare-earth ones. Total rare metal reserves amount to 658 mln metric tons.