base resources exempt for next 10 yrs atleast?, page-3

Base Resources acquired theKwale Mineral Sands Projectin 2010 which is located in thesouthern part of the country.The company has a strongrelationship with the Kenyangovernment and have reachedan agreement with throughbespoke tax concessions.According to this agreement,Base Resource’s tax rate willbe halved from 30% to 15% during the first 10 yearsof the Kwale project. Thegovernment will receive 2, 5%royalties in the first 5 years, there after it’ll be determinedby the new Mining Policy. Kwalewill contribute to 0.6% ofKenya’s GDP and is expected to triple export earnings toapproximately US$2.2 millionin sales. The Kwale project willalso be responsible for 14% of the world’s supply of rutile oncein production and could produceapproximately 146 millionmetric tonnes of mineral sands.

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