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China metals tax hike hits miners

Posted on 13 November 2008

From Timesonline.co.uk: Mining stocks, already under pressure amid fears of falling demand from China, were dealt a further blow today after China announced plans to raise the VAT on metal ores from January 1.

China is the world’s top consumer of copper and aluminium, and the tax would likely hit imports of metals as well as domestic production, and will further cut demand for metals from foreign miners……. Full Article: Source


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