China's Yunnan Tin Says Mining Tax Hike to Hit Bottom Line

Feb. 23 -- China's top tin ore and metal producer Yunnan Tin Co Ltd said in an exchange filing on Wednesday that it was likely to face additional costs of around 50 million yuan ($7.9 million) this year after Beijing raised mining taxes on tin ore.

China increased mining taxes on iron ore, tin and a range of minerals in a bid to conserve resources from Feb. 1, a move aimed at regulating the industry by hiking costs for smaller producers.

The tax on tin ore now stands at between 12 and 20 yuan per tonne, up from the previous range of 0.6 to 1 yuan per tonne.