Moz tax ruling issued for Manica project sale
JOHANNESBURG (miningweekly.com) – The Mozambique Tax Authority has determined that $698 968.78 in capital gains tax is due and payable at completion of the sale of the Manica gold project, owner Sydney-listed Auroch Minerals has advised.
Project buyer Xtract Resources would, pursuant to the sale agreements, pay the sale-related tax.
Auroch, meanwhile, added that it was working with Xtract, the relevant Mozambican regulatory bodies and advisers to complete the sale of Manica, following finalisation of the mines department’s approval for the sale, which was expected imminently following receipt of the tax calculation.
Xtract last year agreed to pay $10-million for the project, which was expected to require an initial capital investment of some $28.4-million, with underground development expected to cost a further $14.8-million.
The project had a Joint Ore Reserves Committee-compliant resource of 900 000 oz, and was capable of generating revenues of $55-million a year at steady-state production, delivering about 50 000 oz/y of gold at a cash cost of $650/oz.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation