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Kingsrose's Indonesian unit to see lower taxes under amended work contract

Kingsrose Mining Ltd. said March 15 that its 85%-owned PT Natarang Mining unit completed an amendment to its work contract with the Indonesian government.

The amendment sets out the subsidiary's rights and obligations covering all phases of a mining operation and includes clauses about taxation, royalties and other financial obligations.

Under the terms, PT Natarang will see a reduction in its corporate income tax from 35% to 25%, effective Jan. 1, as well as an increased net smelter returns royalty to 3.75% for gold and 3.25% for silver.

The company, meanwhile, is still required to sell its interest in the unit until it falls to 49% by December 2020.

Kingsrose Managing Director Paul Jago said the amendment provides operational and financial certainty as the company works to complete the permitting process for the Talang Santo gold mine, part of its Way Linggo operation in Indonesia.