Business
Ariana Resources plc : Investment incentives gr...
Ariana Resources plc : Investment incentives gr....
About this update from Ariana Resources Plc
[{"type":"text","content":"\n Ariana Resources plc : Investment incentives granted from Turkish government for development of Kiziltepe Gold-Silver Mine 25 June 2014AIM : AAUINVESTMENT INCENTIVES GRANTED FROM TURKISH GOVERNMENT FOR DEVELOPMENT OF KIZILTEPE GOLD-SILVER MINE Ariana Resources plc (\"Ariana\" or \"the Company\"), the Anglo-Turkish gold exploration and development company is pleased to confirm receipt of several key investment incentives from the Turkish Government for its Kiziltepe Gold-Silver Mine (\"Kiziltepe\"), part of its Red Rabbit Joint Venture in western Turkey with Proccea Construction Co. (\"Proccea\"). Highlights:Attractive investment incentives approved for Kiziltepe demonstrating continued support for the mine's development by the Turkish Government.Significant reduction in corporation tax and exemptions from customs duties and VAT.Mine finance has been conditional on securing these incentives - discussions with relevant institutions can now be advanced.Michael de Villiers, Chairman, commented:\"These are some of the most attractive investment incentives granted to a development company that I have seen during my mining career. I believe that this level of support from the Turkish Government clearly demonstrates the country's commitment to facilitating mining and development investment in Turkey.\"Investment IncentivesFollowing an application made by Zenit Madencilik San. ve Tic A.S. (\"Zenit\") to the General Directorate of Incentives and Foreign Investment at the Turkish Ministry of the Economy at the end of 2013, the Company has now been granted approval for several investment incentives made available by the Turkish Government.The incentives secured include:Exemption from customs duty domestic and foreign machinery and equipment (100% exemption). 80% reduction in corporation tax up to a tax limit of 40% of the capital investment.Social insurance contributions for all mine employees will be paid by the Turkish Government for 7 years.Interest repayment support on any Turkish Lira or foreign currency loan secured by the company.VAT exemption domestic and foreign machinery and equipment (100% exemption).The Company has commissioned an independent analysis of the above incentives, specifically focusing on the corporation tax reductions and social insurance support in order to estimate the magnitude of ...