Glen Eagle subsidiary acquires additional land in Honduras to expand gold processing plant
JOHANNESBURG (miningweekly.com) – TSX-listed Glen Eagle Resources has acquired 15 000 m2 of land to expand its gold processing plant in Choluteka, Honduras.
The company announced on Thursday that its wholly owned subsidiary Cobra Oro had bought the land, enabling the subsidiary to acquire its own free trade zone, reinforcing its past exemption that saw it pay a minimum 25% flat tax on profits and a 25% duty tax on imports. Cobra Oro is also able to reduce the sales tax on exports from 6% to 3% and cancel $8 000 in monthly rent as a tenant.
The acquisition will further secure Cobra Oro's ongoing expansion project, supported at its core by an asset strategically located in one of the fastest economic growth areas in Honduras, due in part to its low criminality rate, besides other factors.
The C$350 000 transaction was finalised after several months of negotiations, with the purchase price representing a 20% discount over the municipal evaluation.
Cobra Oro's gold processing plant is strategically located next to the Pepsi Cola bottling plant and southern Honduras’s Chamber of Commerce headquarters.
The plant is enclaved in a larger free trade zone encompassing over 600 000 m2, within 1 km from the Pan American Highway. Cobra Oro's gold processing plant will also border three crossroads, giving access to the larger zoning area of the industrial park from the main entrance.
Cobra Oro's investment was based on the confidence that the project could expand threefold in the near future and generate substantial cash flow for the company.
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