If there’s gold in them there hills, we need our cut

THE GOVERNMENT has reportedly signed a deal with a Canadian company to search for gold on the island and possibly export it, without there being a legal framework for the Republic to have much of a say in the matter.

It has been rumoured that the aim is to impose the corporate tax law, whereby the company will be charged just 10 per cent on its profits as well as royalties.

The matter, which was brought to light by Sigma TV, raised great concern among MPs at the House Commerce Committee yesterday, considering the fact that it involves part of Cyprus’ national wealth.

“If this is true and we have issued licenses for gold mining without having the legal framework to protect the Cyprus Republic, we are in great danger,” said DIKO’s Angelos Votsis. “We hope they haven’t placed the carriage in front of the horse here; if they have signed an agreement that will entitle the state to just 10 per cent of our gold’s profits, then this is a bad development.”

DISY’s Tasos Mitsopoulos said he only became aware of the matter through the media, which prompted him to seek explanations from the relevant state services on how these licenses were issued and which legal framework was followed.

“The information I have is that we have an ancient legal framework, which is in need of modernisation and readjustment, to live up to today’s standards,” said Mitsopoulos.

EDEK’s Fidias Sarikas said he was concerned about the lack of transparency around the issue, while the Green Party’s George Perdikes said his party intended to submit the matter for discussion at parliament.

All parties agreed there was a need to create a strong legal framework before any such deal can go ahead.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.