Hi all, not sure if anyone has seen this yet. On google it says...

Hi all, not sure if anyone has seen this yet. On google it says it came out couple of hours ago.

Correct me if I am wrong, but is this saying Base Resources is exempt atleast for the first 10 years then they will 'determine' what needs to be done after this time based on the new Mining policy?

Base Resources acquired the Kwale Mineral Sands Project in 2010 which is located in the southern part of the country.The company has a strong relationship with the Kenyan government and have reached an agreement with through bespoke tax concessions. According to this agreement,Base Resource’s tax rate will be halved from 30% to 15% during the first 10 years of the Kwale project. The government will receive 2.5% royalties in the first 5 years, there after it’ll be determined by the new Mining Policy.

http://www.scribd.com/doc/113072347/Pi-Article-Mining-in-Kenya-pdf