China to increase mineral-resources taxes

China will increase mineral-resources taxes on copper, lead, zinc and tungsten ores from August 1, the Wall Street Journal reported. The move, announced by the Ministry of Finance and the State Administration of Taxation, is seen as part of wider efforts from Beijing to encourage the efficient use of limited domestic mineral reserves. The tax will rise by between US$0.66 and US$0.93 per metric ton for copper ores, depending on quality; between US$1.30 and US$2.60 per metric ton for lead and zinc ores; and for tungsten ores, between US$0.93 and US$1.19 per metric ton. "The government has always hoped [that] by raising miners' production costs, [it] will urge them to be more efficient," said Li Yusheng, an analyst at state-owned metal research firm Antaike Information Development.