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15:21
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Originally posted by serena
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Dear Westcott, 25-year operating license effective from the publication of the Mining Permit Decree (February 2013) and renewable for successive terms of up to 15 years, depending on remaining reserves. The key terms were set out in the ASX release of 25 July 2014. As reported in Sundance’s March 2016 Quarterly, the Convention was unanimously ratified by both houses of Parliament in Congo on 8 April 2016 and was presented to the President of the Republic of Congo for signing and promulgation into law. This has now been completed following the signing by the President His Excellency Denis SassouN’Guesso, Minister of Mines and Geology Pierre Oba, Minister of Economy, Finance and Budget Gilbert Ondongo and the Minister of Transport and Civil Aviation Radolphe Adada. Law No. 14-2016 will be published in the Official Journal of the Republic of Congo next month. Sundance Managing Director Giulio Casello said: “I want to pass my thanks to the in-country team led by Aimé Emmanuel Yoka for their ongoing work with the Congolese Government. With approximately 70% of our DSO iron ore reserves in Congo we are appreciative of the continued support we are receiving from the Congolese Government as we develop and de risk this world class Project.” ASX Announcement and Media Release 25 July 2014 Congo Convention Awarded to Sundance’s Nabeba Iron Ore Project Agreement marks another key step towards securing finance for the Mbalam-Nabeba Project Sundance Resources Limited (ASX: SDL) (‘Sundance’ or ‘the Company’) is pleased to advise that the Republic of Congo Government has today signed the Nabeba Mining Convention (‘the Convention’). The Convention was agreed and signed at a ceremony in the country’s capital city of Brazzaville with representatives of Sundance, Congo Iron SA and the Government. Signing of the Convention follows the issuing of the Nabeba Mining Permit which was approved by the Ministerial Council for the Republic of Congo on 28 December 2012. A Presidential Decree confirming the grant of the mining permit was issued to Congo Iron SA on 6 February 2013. The Convention outlines the fiscal and legal terms and the conditions to be satisfied by Congo Iron SA for the development and management of the Nabeba Iron Ore Project. The key terms of the Convention are: 25-year operating license effective from the publication of the Mining Permit Decree (February 2013) and renewable for successive terms of up to 15 years, depending on remaining reserves. A mining royalty equal to 3% of the mine gate value of the ore extracted from the mines in the Operating Perimeter (effectively being sale price of the ore less transport and handling costs). Five-year corporate tax holiday following start of production. Corporate tax will then be levied at a rate of 7.5% for five years after and 15% thereafter. The State will take a 10% stake in Congo Iron SA, which will be non-dilutory during the term of the Convention. There will be no fees, levies or taxes charged in respect to the export of iron ore. There will be exemptions from import duties and taxes on plant and equipment imported temporarily for project construction and limited import duties and taxes on other mining equipment and consumables throughout the production phase. Congo Iron SA will make annual contributions to a fund established as an association or nonprofit foundation whose purpose is to promote the economic, social and cultural development of local communities that are impacted by the Nabeba Mining Operations.
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Hi All.
