Öksüt Madencilik Sanayi ve Ticaret AŞ which is wholly-owned Turkish subsidiary of Centerra Gold, has received an Investment Incentive Certificate from the Turkish Ministry of Economy for the development of the Company’s Öksüt Project in Turkey.
Centerra Gold stated that the certificate will provide tax related advantages such as a decrease of corporate income tax rate from 20% to 2%, VAT and customs duty exemptions, and government support for social security premiums and interest payments on loans.
Scott Perry, President and Chief Executive Officer of Centerra, commented to recent news. “The approval of the investment incentive certificate is another milestone for the Öksüt Project. Our local team worked diligently to maximize the taxation benefits available to the Öksüt Project and I am very pleased that their efforts continue to deliver benefits for the project’s future development.”
The company said that construction of the Öksüt Project is subject to Board approval and the approval is expected to obtain in late February, at which time additional information will be provided regarding 2018 expenditures and timing.
For Further Information: Centerra Gold
