Ferronickel producer Falconbridge Dominicana has signed an amending agreement with the government of the Dominican Republic reinstating the company’s tax rate of about 50%.
The company is owned 85.26% by Falconbridge (TSE). The amendment, which changes the base on which the tax was calculated, confirms the provisional agreement between the parties, which has been in effect since 1992.
The company says the amendment will encourage the development of new processes for treating low-grade ore, possibly extending the mine life as a result.
The mine and mill are near the town of Bonao.
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