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Ariana Resources gets raft of tax breaks for Kiziltepe

Published: 19:35 25 Jun 2014 AEST

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Ariana Resources’ (LON:AAU) Kiziltepe mine development has been awarded a number of financial and tax incentives by the Turkish government.

The explorer said these were a pre-condition for it to obtain mine finance for the project, with talks on this now able to move forward.

Kiziltepe has been granted tax breaks on customs duty, VAT, corporation tax and will also have social insurance for mine employees paid by the Turkish government for seven years.

Over the life of the operation, corporation tax savings are estimated at US$1.2 mln and social insurance support US$1mln.

Michael de Villiers, Ariana’s chairman, commented: "These are some of the most attractive investment incentives granted to a development company that I have seen during my mining career. 

“I believe that this level of support from the Turkish Government clearly demonstrates the country's commitment to facilitating mining and development investment in Turkey."

The company is targeting initial production of 21,000 ounces a year of gold equivalent from the project.


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