8th Jun 2015 07:08
LONDON (Alliance News) - Ariana Resources PLC Monday said its Kiziltepe gold-silver mine has been granted Strategic Investment status by the Turkish Government, a status that provides enhanced investment incentives and will result in an additional 50% cut in corporation tax and exemptions from customs duties and sales tax on components and equipment that's imported.
Kiziltepe is part of the Anglo-Turkish gold explorer's Red Rabbit joint venture in western Turkey with Proccea Construction Co.
Ariana Resources said the Kiziltepe financial models will be revised to include the latest incentives.
"We are delighted to have received Strategic Investment status following the recent approval of our forestry permits. These enhanced incentives demonstrate support for our mine development by the Turkish Government, ensuring improvements to the economics of Kiziltepe while encouraging new exploration," Chairman Michael de Villiers said.
Ariana Resources shares were up 7.3% at 1.18 pence early Monday.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Ariana