Business
The Government of Ecuador Approves the Signing of the Investment Contract with Adventus Mining Corporation and Salazar Resources Limited
The Government of Ecuador Approves the Signing of the Investment Contract with Adventus M...
About this update from Salazar Resources Limited
[{"type":"text","content":"\n \n \n \n The Government of Ecuador Approves the Signing of the Investment Contract with Adventus Mining Corporation and Salazar Resources Limited\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Nov. 10, 2022\n \n \n /CNW/ -\n \n Adventus Mining Corporation\n \n (\"Adventus Mining\") (TSXV: ADZN) (OTCQX: ADVZF) and\n \n Salazar Resources Limited\n \n (\"Salazar\") (TSXV: SRL) (OTCQB: SRLZF) (collectively the \"Participants\") are pleased to announce that the Government of\n \n Ecuador\n \n through its investment institution, Investment Promotion and Attraction Strategic Committee (CEPAI by its acronym in Spanish), approved by Resolution No. 203-CEPAI-2022 dated\n \n November 1, 2022\n \n , the signing of the Investment Contract (\"IC\") between the Government of\n \n Ecuador\n \n and Adventus Mining Corporation, Salazar and the Participants' subsidiary Salazar Holdings Ltd. in support of the development of the El Domo copper-gold mining project (\"El Domo\").\n \n \n \n \n \n \n \n \n \n For the El Domo foreign direct investment, the aforementioned Resolution by the Government of\n \n Ecuador\n \n grants Adventus Mining, Salazar and Salazar Holdings Ltd. the following incentives until\n \n March 2033\n \n :\n \n \n \n 5% Reduction in the income tax tariff from 25% to 20%\n \n \n Total exemption from the capital outflow tax (\"ISD\" by its acronym in Spanish) in all import of capital goods and raw materials\n \n \n Total exemption of import duties of capital goods and raw materials, including on all mine and mill related equipment\n \n \n Approval of a special dispute resolution article, including international arbitration protection\n \n \n Tax stability – all tax applicable laws will be frozen during the life of the contract unless there are new laws that benefit the Participants\n \n \n Legal stability – all applicable laws related to the mining industry will be frozen during the life of the contract unless there are new laws that benefit the Participants\n \n \n Ot...