Kazakhstan president calls for higher mining taxes

Kazakhstan President Kassym-Jomart Tokayev ordered the government to formulate a plan to gain more tax revenue from mining companies that have benefitted from higher metals prices, Reuters reported Jan. 11.

"The income of firms in the mining sector has grown against the backdrop of higher prices for raw materials," Tokayev was quoted as saying in an address to the parliament.

"I am ordering the government to come up with a plan [to bring] additional revenues to the budget. In exchange, we can provide large incentives for the exploration and development of new deposits for large mining and other companies."

Tokayev did not provide additional details on the possible measure. Kazakhstan is a top producer of uranium and hosts large deposits of copper, iron ore and zinc, Reuters said.

Tokayev's statement comes as uranium prices climbed last week following unrest in Kazakhstan triggered by protests against an increase in fuel prices. JSC National Atomic Company Kazatomprom flagged a high risk of supply chain disruption amid the turmoil.

Glencore PLC, Rio Tinto Group and Orano SA also operate in Kazakhstan, the report said.