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Nusantara secures lower tax rate under amended Indonesia work contract

Nusantara Resources Ltd. said March 15 that it finalized an amendment to its contract of work with the Indonesian government for its operations in the country, based on the requirements under the country's 2009 mining law.

Under the terms of the amendment, the company's Indonesian unit 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.

In addition, Nusantara is still required to divest at least 51% in its PT Masmindo Dwi unit by the 10th year of commercial production.

The agreement also reaffirms that its PT Masmindo Dwi Area unit is the legal holder of the contract of work, with the sole exploration and exploitation rights within the 14,390-hectare Awak Mas gold project until 2050.

An updated estimate for Awak Mas in February was 2 million ounces of gold contained within 45 million tonnes at 1.38 g/t of gold.