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The investment contract grants 5% reduction in income tax tariff from 25% to 20% until March 2033.

SEATTLE (Scrap Monster): Salazar Resources Limited and Adventus Mining Corporation are all set to sign a final agreement with the government of Ecuador on the El Domo copper and gold project.

The Investment Promotion and Attraction Strategic Committee (CEPAI) had approved a draft investment contract on 1st November this year, whose final version will be signed in 120 days. This is the third important contract between the Government of Ecuador and the metals and mining industry, after Lundin Gold’s Fruta del Norte and EcuaCorriente’s Mirador mines.

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The investment contract grants 5% reduction in income tax tariff from 25% to 20% until March 2033. Other incentives include total exemption from the capital outflow tax in all import of capital goods and raw materials and total exemption of import duties of capital goods and raw materials, including on all mine and mill related equipment. Furthermore, it also approves a special dispute resolution article, including international arbitration protection as well as tax and legal stability.

The completion of the approval milestone allows for start of construction of the copper and gold project in 2023. The project partners plan to invest $270 million over a period of next 12 years, in addition to the investment of $50 million till end-2021.





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