Australia's Paladin signs agreement with Malawi government for uranium project |
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Published
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Fri, 23 Feb 2007 02:11
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SYDNEY (XFN-ASIA) - Paladin Resources Ltd said it has signed a development agreement with the Republic of Malawi government which will provide a stable fiscal regime for the Kayelekera uranium project for at least 10 years from the commencement of production.Under the agreement, the Malawi government will receive 15 pct equity in the project company while Paladin will have its corporate tax rate reduced from 30 pct to an effective 27.5 pct and the 10 pct resource rent tax will be reduced to zero.In addition, Paladin royalty payments will be reduced from five pct to 1.5 pct for the first three years and rising to three pct thereafter; there will be no 17.5 pct import value-added tax (VAT) or import duty; as well as the immediate 100 pct capital write-off for tax purposes.The Australian company has undertaken to provide social infrastructure in the Kayelekera region, including modern primary and boarding secondary schools and health facilities for the local population, most probably funded in the third year of the project life.Paladin plans to commence development and construction of the Kayelekera uranium project towards the end of March/April, with a planned mine commissioning anticipated for September 2008.The Kayelekera deposit is expected to support a mining life of 10 years producing around 10,000 metic tons per year of uranium oxide.paul.daniel@xfn.com
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