Turkey grants Centerra Gold project tax benefits
JOHANNESBURG (miningweekly.com) – The Turkish Ministry of Economy has approved an investment incentive certificate for Canadian miner Centerra Gold’s Oksüt project.
The certificate provides tax related advantages such as a decrease of corporate income tax rate from 20% to 2%, VAT and customs duty exemptions, and government support for social security premiums and interest payments on loans, the TSX-listed gold company reported on Monday.
“The approval of the investment incentive certificate is another milestone for the Öksüt project. Our local team worked diligently to maximise the taxation benefits available to the Öksüt project,” president and CEO Scott Perry said in a media statement.
Last month, Centerra received the pastureland permit for the project, completing the permitting process for the project.
The Öksüt project will mine about 26.1-million tonnes of ore at a grade of 1.4 g/t gold, containing about 1.2-million ounces of gold over a mine life of eight years from two openpits – the Keltepe and the smaller Güneytepe pit.
The Centerra board is expected to announce a construction decision by the end of the month.
A 2015 feasibility study found that, based on a gold price of $1 250/oz, the project would have an after-tax net present value of $242-million and a 42.5% internal rate of return. All-in costs, including taxes, were estimated at $777/oz and all-in sustaining costs came in at $490/oz.
Preproduction expenditures and construction capital would be $221-million, including a $25-million contingency. Payback on construction capital and preproduction expenditures was expected to be 2.5 years after production started, with life-of-mine sustaining capital being $10-million, excluding $30-million of capitalised stripping.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...
VISIT SHOWROOM
Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...
VISIT SHOWROOM
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
