The Ministry of Economy and Finance (MEF) has published the first monthly bulletin with the reference prices for the export of mining products to be in force from this month for the deduction of Production Taxes.

According to Notícias, the measure aims to combat the under-invoicing of mining products, which annuls more than 250 million dollars of damage to the State.

Ruby producers who do not sell at auctions must apply the price of 265.99 dollars per karat, which is based on the auctions held in the first half of the year.

The mining value of heavy sand concentrates or minerals sold or exported in their unprocessed/final form is determined according to the mineral content. This month, Ilminite, Zircon and Retulio will be sold for 425.25 dollars, 2205.18 dollars and 1706.28 dollars per ton respectively.

The taxable value to be applied to gold is based on the price published by the Bank of Mozambique on the settlement date.

In order to know the prices to be applied to mineral coal, companies must consult the recognized international exchanges and indicate the corresponding map for the purposes of calculating the value of the mining product.

The reference prices are determined jointly by the MEF, the Tax Authority, the National Mining Institution, the General Inspectorate of Mineral Resources and Energy and the Kimberley Process Management Unit.