Martabe pays Rp 120.9b taxes, royalty to govt

Martabe Gold Mine said that the company paid taxes in the amount of Rp 114 billion and royalty of Rp 6.9 billion to the government for the period 2012.

It said that the total tax payments in 2012 were higher than payments in the previous year.

The company will enter its full production phase in the second quarter of 2013.

In term of royalty, the calculation is based on the sale of 98,758.66 ounces of gold (3,072 kg) and 397,897.06 ounces of silver (12,376 kg).

Peter Albert, President Director of Martabe Gold Mine in the press statement said that the royalty payments referred to the Contract of Work signed in April 1997.

?Fulfilling financial obligations in compliance with the government rules is an unseparable part of good mining practices in Martabe Gold Mine, although the company is considered new comer in Indonesia?s Mining Industry," he said.

"We hope that the royalty payments and other future obligated payments can contribute to the achievement of economic growth and welfare of Indonesia."

Editing by Adianto P. Simamora