Well reading the below extract from the report released...

Well reading the below extract from the report released yesterday, it certainly reads as a company ready to do business very soon. Especially love the 10 year 100% tax break. Another buy on Monday. DYOR



Project Overview

Gulf Manganese Corporation Limited (“Gulf”) is working to develop a ferromanganese smelting and sales business to produce high carbon ferromanganese alloy in West Timor, Indonesia.

During the year, the Company has received its Principle Licence for Foreign Investment from the Indonesian Investment Coordinating Board (BKPM).

This Licence permits the Company's subsidiary, PT Gulf Mangan Grup, to:

• Carry out the operational business of Industrial Manufacture of Metal Alloys
  
  
• Make acquisition of land
  
  
• Deal with all Indonesian Provincial and Regency Governments
  
  It also grants an exemption from import duties for machinery, goods and materials used in the business.
  
  As reported earlier, due the nature and size of the project, Gulf will be granted, under Tax Holiday Regulations, a 100% tax relief facility for 10 years following which tax reduction of 50% for a further 2 years.
  
  The granting of the Principle Licence is a singularly major step to commence building our Timor Smelter. The Company can now move forward with supreme confidence in finalising the 50 year lease of land and the application of the various Regency permits required.
  
  The Company is grateful for the strong support received from BKPM and Regency personnel.
  
  In addition, the Company's proposed 53 hectare block of land, in the industrial area of the Kupang Regency, West Timor, has been officially measured and issued with a Field Map reference catalogue number as the first step to receiving a Certificate of Title for Building Construction (Hak Guna Bangunan –HGB) from the Indonesian National Land Agency (BPN).
  
  The issuing of a Certificate of Title will ensure security of tenure for PT Gulf Mangan Grup's Land Lease Agreement for the duration of its 50 year lease period from the local land owners and authorises construction of the Timor Smelter.
  
  Gulf is also pleased to advise that at a recent meeting with the Indonesian Government power company, PT PLN (Persero), it was confirmed that PLN will supply, on a user pay basis from mid 2016, 7 mega watts of power for the Company's first furnace, which is due to come online the 4th quarter 2016. PLN will commission 2 new 16.5 mega watt power stations early next year with a further 60 mega watt power supply coming online during the second half of 2016.
  
  The issuing of a Field Map reference number and the confirmation from PLN of power supply, together with the recently issued Principle Licence, firmly establishes that the Company is on track to start building and operating next year. These three areas significantly de-risk the project and with several Regency permits and licences now required the Company is ready to move forward.
  
  During the year, SRK Geological Consulting Group conducted a review of Manganese Prospects and Deposits in Indonesia.