Corporal Mining Tax
The non-drouser who has contracted for non-exploitation pays the following special fees and taxes: bonuses: signatures and commercials; royalties; super-contract tax; product share.
The bonuses are fixed payments by the non-drouser and are paid in cash. The non-drug user shall pay the following types of bonuses: (1) signature; (2) commercial detection. One or both types of bonuses may be established according to the feasibility study of the contract concluded.
The subscription bonus is a one-time fixed payment by a non-drift user for non-exploitation activities in the contract area and is fixed when the contract is concluded taking into account the economic value of the transferable deposit. The size of the signature bonuses is determined by the Government of the Republic of Korea.
The place of commercial detection is a fixed payment, which is set out in the non-exploitation contract and is paid for each commercial discovery. Commercial detection is a reserve of a certain type of mineral opened within the contract area, which is economically efficient for mining. The bonus is established for each commercial discovery in the contract area, including the discovery of minerals during additional exploration of deposits, resulting in an increase in the original recovered stocks. Contracts for exploration mineral depositsfree from subsequent production, no commercial detection bonus is established. The payment of bonuses is fixed by contract.
Royalty is a payment for the right to use subsoils in mining and processing of technogenic entities. The target of the royalty is the amount of mineral extraction or the first product derived from the actual extracted minerals. The royalty rate is fixed in a contract based on the project economy: for general minerals and groundwaters, between 1 and 10 per cent, for hydrocarbons, by...