LONDON (Alliance News) - Asiamet Resources Ltd, the former Kalimantan Gold Corp Ltd, on Friday said it has signed a non-binding memorandum of understanding with the Indonesian government covering amendments to its KSK Contract of Work agreement.
Under the deal, the size of the contract, which covers the Beruang Kanan project, will remain the same, its corporate income tax rate will remain at 30%, and it has committed to processing and refining mineral ores domestically, in line with the country's push to establish metals processing facilities.
"We are pleased with the outcome of negotiations to date as the amended terms envisaged under this MOU consolidate Asiamet's position in the KSK CoW for the long term and provides a secure platform upon which the Company can deliver value for all its stakeholders," said Chief Executive Tony Manini.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Asiamet Res (ARS)