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Mali Government awards new Syama Mining Convention and extends Mining Permit

Mining News - Published on Mon, 22 Apr 2019

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Resolute Mining Limited announced the Company and the Republic of Mali Government have agreed a new Mining Convention for the Syama Gold Mine (Syama). Following execution of the new Mining Convention, the Mali Government has granted an extension of the Syama Mining Permit. The new Mining Convention provides significantly improved fiscal terms as well as stability of taxation for Resolute's Malian subsidiary, Soci6t6 des Mines de Syama SA, the owner of Syama. The Mining Convention defines the fiscal rights and legal obligations of SOMISY and the Government of Mali with respect to the operation of Syama pursuant to the extended Mining Permit.

Managing Director and CEO, Mr John Welborn, was pleased to confirm this significant milestone in the development of Syama as a long life, low cost, world class gold mine “Mali is a well-managed, long-standing, globally important gold mining jurisdiction. Over more than 15 years. Resolute has built a partnership with the Mali Government based on respect and the pursuit of mutual benefit. The signing of the new Syama Mining Convention, and the granting of an additional ten year extension of the Syama Mining Permit, continues the strong relationship between Resolute and the Government of Mali. The new convention provides fiscaland operating certainty for our Syama operations and allows us to continue to deliver long term benefits to our shareholders, stakeholders, and local Mali communities."

Mr Welborn said that “Mali is a prefered location for Africa’s most successful gold miners. We have successfully negotiated a fair and balanced Mining Convention which delivers lower income tax and stable royalty rates for Resolute while securing a meaningful economic contribution for the people of Mali for many years to come.”

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Posted By : Rabi Wangkhem on Mon, 22 Apr 2019
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