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.
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