LONDON (Alliance News) -Aureus Mining Inc. Tuesday said a restated and amended mineral development agreement has been agreed and ratified by the Government of Liberia.
The gold-mining company, with operations in Liberia and Cameroon, said the agreement regarding its Bea Mountain mining license, which covers 457 kilometres squared and includes the company's flagship New Liberty Gold Project, was ratified by the Liberian legislature on September 19.
The restated agreement changes the company's income tax rate to 25% from 30%, removes any taxes or duties on exports from the area and that customs user fees of USD300,000 are to be paid on an annual basis.
The company said there is a remaining term of 13 years with the right to extend for an additional term of 25 years.
"This agreement provides our shareholders with surety and stability in the development of the New Liberty project and the improved fiscal terms are excellent news for the Company at a time of gold price volatility," Chief Executive David Reading said in a statement.
Aureus Mining shares were up 0.40% to 37.65 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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