Georgian media, citing the announcement of Georgian Ministry for Sustainable Development and Economy, reports that “inappropriately low” fees for extraction of natural resources might be revised.
Fees for the use of natural resources are determined by the law; for example, fee for extraction of gold is GEL 0.9 per one gram; copper – GEL 136 per ton (the rate was increased from previous GEL 90 per ton in 2007); manganese ore with 1% concentration – GEL 0.012 per ton; mineral waters – GEL 3 per cubic meter.
“We will pay special attention to the issue of use of natural resources – such as copper, manganese and gold deposits; forests; water resources; mineral waters, like Sairme, Borjomi, Nabeghlavi and others,” new Economy Minister, Giorgi Kvirikashvili, said in a written statement adding “The list is long and often use of [natural resources] takes place through irrational methods and because of inappropriately low rates of natural resources extraction fee, this important resource for the state is actually being wasted with the country receiving no adequate benefit. We plan to study obligations undertaken by investors in all the above mentioned directions with maximally taking into account the interests of both the state and businesses”
