Work: Government approves contract “concede” 16,7 million for Somincor.
The Government approved the draft of a fiscal investment agreement to be concluded between the State and Somincor, which grants a tax credit to 16,7 million.
The Council of Ministers held yesterday approved a fiscal investment agreement to grant the Mining Society of Somincor-Neves Corvo, explaining in a statement that it is signed between the State and the company “considering an investment of € 256,6M, by assigning a tax credit on corporate income tax of 9%, and exemption headquarters of stamp duty up to a maximum of € 16.7M. The project foresees the creation of 38 jobs by 31 December 2021 and maintenance of all posts to 31 December 2027”.It is recalled that last day 10 April, a Lundin Mining, owner of the mining Somincor, announced an investment of 250 million euros to double zinc production at Neves-Corvo mine, Alentejo. Canadians were intended-invest 250 million and have zinc production expansion work in mid 2019.
At the time the Government promised “track project” but did not commit to dates, ending yesterday to approve the granting of a tax credit on corporate income tax of 9%, and exemption from stamp duty seat up to a maximum of 16,7 million.
At the date of presentation of the project, online edition “Business, citing the Canadian company, “the proposed extension of the exploitation of this mineral should be ready in two years – in mid 2019 – to double the zinc concentrate production. The expansion will employ 300 a 350 people in the building and over 200 jobs in operation”.
According to the CEO of Lundin Mining, Paul Conibear, the objective, which was announced at the end of a meeting with government officials and local councilors, It is to pass the current 1,1 million tons of zinc extracted for a year 2,5 millions of tons, allowing the mine to operate for at least another 10 years and offsetting the copper resources at the mine over the past few years.
