fizzer, page-6

re: fizzer-heremes please take note Absolutely correct. The Phillipines now provide tax holidays, tax credits and duty free imports of capital equipment. As I said previously, Rapu Rapu is part of the Fillipino IPP (Investment Priority Plan) it also has a four year tax holiday for gold silver and copper production and six year tax holiday for zinc production.

Here is the letter on Rapu Rapu's tax incentives dated in 2001 after their difinitive feasilibility was completed.

TAX INCENTIVES – RAPU RAPU PROJECT
Lafayette is pleased to announce that the Board of Investments (BOI) of the Philippines’ Department
of Trade and Industry has approved a range of taxation concessions for the Rapu Rapu project.
The BOI has distinguished between the copper-gold-silver production of the project and its zinc
production. As there is no existing zinc production in the Philippines, “Pioneer Status” has been
awarded to this activity and a longer tax concessionary period granted for this.
The principal concessions granted to the project are firstly a complete relief from corporate income
tax (presently 32%) on profits arising from copper, gold and silver production for four (4) years and for
six (6) years in the case of profits arising from zinc production. During the course of these Income
Tax Holidays (ITH), application may be made to the BOI for an extension of the ITH for at least one
more year for each form of production. Secondly, the project shall be exempted from Value Added
Taxes (presently 10%) on inputs as long as not less than 70% of its sales are deemed to be exports,
which they will be.
A range of other incentives have also been granted to the project, including lifting of constraints on
employment of foreign nationals, simplified customs procedures, additional deductions for labour
expenses and exemption from wharfage dues and export taxes and duties.
The financial effects of these concessions are significant and the Company is highly gratified by this
tangible vote of support from the Government of the Philippines
Yours faithfully,
Ian Culbert
Chief Executive Officer, Director

The other thing to note is that Rapu Rapu will be an open pit mine with a six year mine life with possibly another year squeezed out of it through underground mining. The development of more minerals through the mine should stretch the mine life to over 10 years.

There is a uni paper for a case against Rapu Rapu to balance the ledger for the primitive pigmies where I am going to bust a cap up their ass. I should also note that these insipids that write these articles are doing nothing to improve the Phillipino 30% poverty rate. Develop or starve!

http://www.adnu.edu.ph/Mainweb/inecar/rapu-rapu/reason01.html