Low fees mines pay for gold

05.09.2019

Slovenská banská, which mines for gold and other precious metals near Banská Štiavnica and is owned by five managers, improved its net profit 20% to €6.7m last year, and its sales rose 13% to €16.8m. The company resumed mining in old mines in the early 1990s, almost went bust in 2001 due to low gold prices, and turned 46% of its sales into net profit in the past seven years. It employs 150 and the current ore inventory will keep it busy at least till 2030. It mines 40,000 tons of ore annually, from which it gets 400-500 kg of gold and 300 kg of silver. 

                    All ores mined in Slovakia belong to the state, and mines pay very low fees for extracting them. Last year, Slovenská banská only paid €8,000, despite its huge profits. The opposition party SaS wants to increase the fees. All Slovak mines extracted 47m tons of ores last year. They had sales of €555m, net profit of €100m and paid  the state just €2.3m in mining fees.

 

(etrend.sk)

Please reload

Táto správa je z Ekonomiky DNES, denného prehľadu najdôležitejších ekonomických správ zo Slovenska.

This news is from the Slovak Business News TODAY, one-page summary of all the important Slovak business news.

Scientists in Bratislava uneligible for EU funds

10.08.2020

Scientists are protesting the conditions of the Education Ministry’s €80m call for projects fighting the pandemic. The EU does not allow institutions...

U.S. Steel posted a 36% annual drop in revenues to $908m in 1H20

10.08.2020

Košice-based U.S. Steel posted a 36% annual drop in revenues to $908m in the first half. The drop was 41% in 2Q. Its output slumped by a third to 1.52...

U.S. Steel v prvom polroku s 36% prepadom výnosov

10.08.2020

Oceliareň U.S. Steel v prvom polroku t.r. zaznamenala 36% prepad výnosov na 908 mil. USD. V druhom štvrťroku bol dokonca prepad 41%. Aj výroba sa v pr...

1/5
Please reload

Copyright  © 1994 - 2019    Symsite Research         All rights reserved.