Kinross Gold Reached Definitive Agreement with the Government of Mauritania

Accordingly, the tax exemption on fuel duties, which has come into effect in July this year, will continue.

SEATTLE (Scrap Monster): Kinross Gold Corporation announced that it has signed a definitive agreement with the Government of Mauritania, aimed at providing enhanced operational certainty at Tasiast mines. The agreement confirms the draft agreement signed in June this year.

Accordingly, the tax exemption on fuel duties, which has come into effect in July this year, will continue. The government will repay nearly $40 million in outstanding VAT refunds over a period of five years, as agreed before. In return, the company will pay to the government, a sum of $10 million in order to resolve disputed matters. The agreement confirms introduction of an updated royalty structure and appointment of two government observers to the Board of the Kinross subsidiary that operates the Tasiast mine.

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Meantime, Minister of Petroleum, Mines and Energy, Abdessalem Ould Mohamed Saleh, during his two-day visit to Tasiast, reiterated the full support of the government in restarting operations at the fire-hit mill. The agreement is a testament of the strategic partnership between Kinross and the government, he added.

J. Paul Rollinson, Kinross Gold President and CEO too noted that the balanced agreement will further strengthen the longstanding and constructive relationship between both the parties.

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