Romanian Government doubles royalties for gold, platinum and silver

The Romanian Government recently approved the increase in royalties for all mineral resources covered by the Mining Law, as well as for the royalties from oil transport operations made through the national oil transportation, and from the oil operations conducted by state-owned oil terminals, according to a statement.

Thus, the royalties for gold, platinum and silver doubled from 4 percent to 8 percent, while the fee for non-metallic substances increased to 0.8 percent. The royalties for oil transport operations and transit of oil through the national oil transport and for oil operations performed by the terminals also increased from 10 percent to 15 percent, while those for underground gas storage went up from 3 percent to 5 percent. Royalties for coal and ferrous minerals are up from 4 percent to 6 percent of the mining production’s value. The fee for mineral water also went up from EUR 4 per 1,000 liters to EUR 6 per 1,000 liters. By increasing royalties, the Romanian Government expects to increase budget revenues by about EUR 65 million (RON 282 million) annually. In 2010, the estimated revenues from mining and oil royalties was of EUR 283 million (RON 1.194 billion). Romania’s biggest gold field is in Rosia Montana, in Alba county, and has been licensed to Rosia Montana Gold Corporation. The field there has been evaluated at some 300 tonnes of gold and 1,600 tonnes of silver but operations on the site are pending a final OK from the Romanian authorities. Irina Popescu, irina.popescu@romania-insider.com (photo source: Sxc.hu)