TAXES - Investment goalposts moved again

The Federal Government must stop increasing investor uncertainty by messing with Australia’s taxation system, says the South Australian Chamber of Mines and Energy (SACOME). Changes to taxation announced in the Federal Budget are set to impact negatively on Australia’s increasingly uncompetitive investment environment.

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VIETNAM - Besra delivers gold to redeem loan

Besra Gold has made the final delivery of 3438 gold ounces under its gold loan notes arrangement, settling a face value of about US$4.1 million. The notes were secured be certain assets of the company and matured on May 31 at an annual interest rate of 8%.

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VIETNAM - Financing proposal for Ban Phuc

Asian Mineral Resources’ (AMR) 90%-owned subsidiary Ban Phuc Nickel Mines LLC is in advanced negotiations with Lien Viet Post Bank (LVBP) for a US$20 million project financing loan for the Ban Phuc Nickel Project. Pending final approval, the bank has agreed to extend an initial US$11 million loan, so pre-production work can continue.

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VIETNAM - Hazelwood plant upgrades ahead of schedule

Major upgrades to load bearing structures have been completed ahead of schedule at Hazelwood Resources’ ATC Ferrotungsten Project in Vietnam, and have been formally certified by independent engineers. A series of improvements to materials handling systems have also been completed ahead of coming production campaigns.

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