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Azumah Resources to invest AUD 140 million into mining project

Mining News - Published on Wed, 25 Jul 2018

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Ghana Web reported that the management of gold mining firm Azumah Resources has appealed to the government to defer royalties for gold for five years when the company starts full mining in Upper West Region. The company has further requested the government to tamper with its Value-Added Tax obligation that could arise from the construction of the mine if the final processes – including a mining license – are approved.

The appeal, the management said, was occasioned by the financial outlay already sunk into prospecting and exploration of gold.

Briefing board members of the Minerals Commission during a working visit to the company’s exploration camp and fields in the Upper West Region, Managing Director Stephen Stone said Azumah Resources had already invested at least AUD 80 million into its prospecting and exploration activities in the Wa enclave, and would need a further AUD 140 million to construct the mine for proper and full-time operation.

The company, he said, was hopeful of starting construction work in 2019 towards its mining operation.

He appealed to the government to reduce or defer a projected AUD 13 million in VAT payable during construction, and a projected AUD 2.6 million in import duties for the construction.

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Posted By : Rabi Wangkhem on Wed, 25 Jul 2018
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