Laws of the People's Republic of China

Circular of the Ministry of Finance, the State Administration of Taxation of the People's Republic of China, on the Resources Tax Policies on Vanadium ores

Cai Shui [2006] No.120

Financial offices (bureaus) and local taxation bureaus of all provinces, autonomous regions, municipalities and cities specially designated in the state plan, and financial bureau of Xinjiang Production and Construction Corps:

In accordance with Provisional Regulations on Resources Tax of the People's Republic of China, relevant resources tax policies on vanadium ores are announced as follows for purposes of promoting reasonable exploitation and utilization of vanadium ores.

1.

Units and individuals mining vanadium ores (including stone-like coal vanadium) shall pay resources tax in accordance with Provisional Regulations on Resources Tax of the People's Republic of China as well as other related regulations.

2.

The standard for the resources tax applicable to vanadium ores (including stone-like coal vanadium) shall be 12 Yuan per ton.

3.

This circular shall enter into force as of Sept.1, 2006.

Please abide hereby.

Ministry of Finance

State Administration of Taxation

August30, 2006