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Kinross finalises agreement with Mauritania

15th July 2021

By: Creamer Media Reporter

     

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Canadian miner Kinross has signed a definitive agreement with Mauritania, confirming the same key terms as the in-principle agreement announced last month.

The agreement includes continuation of tax exemptions on fuel duties, the repayment by the government to Kinross of $40-million in outstanding value-added tax refunds and a $10-million payment from the company to the government to resolve disputed matters.

The agreement also introduces an updated escalating royalty structure tied to the gold price that aligns with current Mauritanian mining legislation.

The government will nominate two observers to serve on the board of the Kinross subsidiary operating the Tasiast mine.

Petroleum, Mines and Energy Minister Abdessalem Ould Mohamed Saleh recently visited Tasiast, meeting with Kinross officials and touring the mine, including the area of the recent mill fire.

Kinross and the government were focused on the goal of restarting milling operations at Tasiast and they were prioritising efforts and processes to achieve this shared objective, the company noted.

Edited by Creamer Media Reporter

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