Kingsrose: Tax refund to help finance Talang Santo gold mine
Tuesday, June 17 2014 - 01:19 AM WIB
ASX-listed Kingsrose Mining Limited said on Tuesday that its 85-percent owned Indonesian subsidiary PT Natarang Mining has received a refund of A$5.19 million from the Indonesian tax office, providing extra funds for the firm to finance the development of the Talang Santo gold mine within the Way Linggo project in southern Sumatra.
?This places the company?s current cash balance at A$8.1 million,? the company said in a statement.
The company said that it was now waiting for the final ?borrow and use? forest permit from the Ministry of Forestry required for the transition of the Talang Santo mine to full production.
Once the forestry permit is granted, the company anticipates a ramp up to full production over a 3 month period.
Kingsrose previously said that it expects the final permits to be issued in June.
Editing by Reiner Simanjuntak