The government of Gabon launched a new mining code with effect from July in a bid to attract more mining investments and reduce reliance on oil, Bloomberg News reported Aug. 3, citing Mining Minister Tony Ondo Mba.
The measure will cut corporate taxes by slashing fees on mineral exports and will extend the validity of operating licenses to 20 years from 10 years. It also requires the government to allocate 20% of mining tax revenues to local community projects, the report said.
The country is aiming to draw investors interested in manganese, gold and iron ore as it tries to boost the mining sector's GDP contribution. Crude oil sales account for about 30% of state revenue, the report said.
According to Bloomberg News, implementation of the new code has been delayed, despite being adopted by Parliament in November 2018, as President Ali Bongo has been abroad recovering from a stroke.