GoldBridges Global Resources PLC Sekisovskoe Mine Update (6496I)
June 03 2014 - 2:00AM
UK Regulatory
TIDMGBGR
RNS Number : 6496I
GoldBridges Global Resources PLC
03 June 2014
3 June 2014
GoldBridges Global Resources plc
Sekisovskoe Mine to benefit from Government Support and
Infrastructure Development
GoldBridges Global Resources plc (LSE: GBGR) announces that its
Sekisovskoe mine development project has been approved by the East
Kazakhstan authorities for inclusion in the State Programme On
Forced Industrial-Innovative Development (SFIID). The Kazakh
Ministry of Industry and New Technologies (MINT) is required to
prepare a report on the project which will then be presented to the
Kazakhstan State Commission on Modernisation headed by the Prime
Minister for final approval.
This long-term programme is a government effort to boost
projects that have strategic importance for the Kazakhstan economy.
The SPFIID was established in 2010 as part of President
Nazarbayev's initiatives for modernization of the Kazakhstan
economy and pledges state support to selected projects by providing
financing facilities such as grants and low interest loans,
infrastructure development and policies to remove bureaucratic
hurdles.
Following final approval, the Kazakh government will build
infrastructure to expand the current connection of Sekisovskoe
project to main electricity and transportation networks.
Additionally the government approved (or Prime Minister enacted)
new changes into legislation that will further increase state
support for SPFIID projects including:
- income tax exemption for 10 years;
- land tax exemption for 10 years;
- property tax exemption for 8 years;
- reimbursement of up to 30 per cent of project capital expenditures;
- guarantees to keep tax rate, state tariffs unchanged for period of 10 years; and
- policies to allow investors to hire foreign staff for the
period of construction without applying for labour quotas.
Maxim Strelnikov, COO of GoldBridges Global Resources Plc.
commented:
"Over the last couple of years we have been closely working with
the Kazakh authorities to include Sekisovskoe project in the SFIID.
We are very proud that continuing efforts to develop Sekisovskoe
mine were acknowledged by the East Kazakhstan authorities and we
look forward to MINT approval in the near future. The recent
changes in legislation are also a very positive development since
they pave the way for a new investment environment in
Kazakhstan."
______________________
GoldBridges Global Resources plc (LSE ticker: GBGR).
SFIID website: www.pfiir.kz
For further information, please contact:
GoldBridges Global Resources plc
Rajinder Basra, CFO +44 (0) 207 932 2455
Strand Hanson (Nomad and Joint Broker)
Andrew Emmott
James Spinney
Ritchie Balmer +44 (0) 207 409 3494
Peat & Co. (Joint Broker)
John Beaumont, COO and Head of Research +44 (0) 203 540 1720
Blytheweigh (Financial PR)
Tim Blythe
Halimah Hussain
Camilla Horsfall +44 (0) 207 138 3204
This information is provided by RNS
The company news service from the London Stock Exchange
END
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