KIEV, Nov. 26 - Ukraine seeks to increase payments it charges mining companies for extracting iron ore from its soil, according to a bill drafted by the Finance Ministry.

The payments are expected to increase by 40% to 1.5 hryvnias ($0.3) per metric ton of iron ore, according to the bill posted on the ministry’s website.

The draft must be approved by Parliament and signed by President Viktor Yushchenko in order to take effect.