WHY INVEST IN THE GREEK MINERAL INDUSTRY
Stable and predictable economic and business environment, low inflation and falling interest rates, satisfactory and rapidly improving infrastructure, possibility to raise funds through listing at the Athens Stock Exchange (several companies of the sector have already done so) .
Dynamic and export oriented sector with positive development prospects and long tradition in Greece.
Consistently high product quality with an excellent reputation in the international markets.
High R&D level with access to European Union R&D funding.
Tradition in the mineral industry.
Well educated and experienced technical staff and highly skilled workforce.
High quality and large volume deposits, in some minerals, by international standards.
Competitive operating costs.
No export duties.
Generous investment incentives.
The Greek Development Law 2601/98 provides incentives for both mining and processing the quarried material. These incentives take the form of cash grants ranging from 15%-45% or of tax relief ranging from 40%-100% depending on the area in which the investment is located and the type of the project. In both cases an interest subsidy ranging from 15%-45% on any long-term loan used for the partial financing of the investment cost is also provided.
These incentives cover practically all investment costs, excluding cost of land.
Investors seeking to receive incentives under L.2601/98 should to apply to the Ministry of National Economy (or ELKE if the investment exceeds 9 million EURO or 3 million EURO and at least 50% of own equity is in foreign capital) . The approval of the application takes a period of three months. The disbursement of the cash grant is in three stages; 60% (in two instalments) during construction, 20% upon completion of construction and 20% upon operation.