Chaarat to sign tax ‘stabilisation’ agreement with Kyrgyzstan
JOHANNESBURG (miningweekly.com) – London-listed Chaarat Holdings is preparing to sign a so-called stabilisation agreement with the government of Kyrgyzstan, which will protect the company from any tax increases during the life of a project.
Chaarat, which is developing the Tulkabash heap-leach project in that country, said on Monday that the stabilisation agreement provided for decreases in the tax rate.
The company has also begun work to conclude an investment agreement, which will enshrine the right to seek international arbitration in case of any future disputes with the government.
In a shareholder update following his recent visit to Kyrgyzstan, chairperson Martin Andersson said that Chaarat’s in-country team was part of the group that was consulted during the formation of legislation affecting mining companies and through this group, it was involved in the drafting of the stabilisation legislation.
“We are one of the leading members of the International Business Council (IBC), which represents companies who together contribute in excess of 55% to the State budget. A study of the mining sector has been commissioned by the IBC to provide input to the continuing consultation between the private sector and government on how to balance the interests of industry and country for the benefit of all stakeholders,” Andersson said.
The Tulkabash project has all the necessary approvals in place for production to start in 2019. Chaarat is completing a bankable feasibility study for the project. Based on its current plans of a processing capacity of 2.8-million tonnes of ore a year, Tulkubash will produce between 60 000 oz/y and 70 000 oz/y of gold in the five years that the mine will operate.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
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
