Newmont, Nevada Copper voice tax concerns

Apr 05, 2013 | 02:16 PM | Suzy Waite

Tags  Newmont Mining Corp., Nevada Copper Corp., Nevada Senate, tax increases, Tim Dyhr, copper, Nevada Mining Association, Suzy Waite

NEW YORK — Newmont Mining Corp. and Nevada Copper Corp. have voiced concerns over how potential tax increases would hurt both the mining industry and Nevada’s overall economic health.

The Nevada Senate voted April 1 to repeal tax protection for mining companies in the state. For a tax increase to be implemented, two-thirds of the legislature first need to approve the removal of the tax protection, and then the proposal has to be placed on the 2014 ballot.

In theory, this means tax increases wouldn’t hit Nevada mining companies until 2015 at the earliest, Tim Dyhr, Nevada Copper vice president of environment and external relations, told AMM.

However, the senate’s vote has put both Vancouver, British Columbia-based Nevada Copper and Denver-based Newmont on alert. The companies, along with the Nevada Mining Association, are already meeting with state officials to try to ensure that the mining industry doesn’t get slammed with tax increases.....

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