Kenmare Resources today announced that Mozambique has approved a favourable tax status for the Moma Titanium Minerals Project. The company has been granted Industrial Free Zone status, which substantially reduces the tax payable on the project.
Under the IFZ fiscal regime, Kenmare Resources will be exempt from corporation tax, import duties, export duties and Value Added Tax. The company will pay a 1% turnover tax after six years of production.
The Moma deposit, located in northern coastal Mozambique, is one of the world's largest undeveloped deposits of titanium minerals. Kenmare, having already acquired two of the three key elements of the mine, plans to commence production in late 2002.
