Gulf Manganese Receives Foreign Investment Approval in Indonesia

Gulf Manganese Corporation Limited (ASX:GMC) announced that it has received its Principle Licence for Foreign Investment from the Indonesian Investment
Coordinating Board.
As quoted in the press release:

This Licence permits the Company’s subsidiary, PT Gulf Mangan Grup, to:

• Carry out the operational business of Industrial Manufacture of Metal Alloys
• Make acquisition of land
• Deal with all Indonesian Provincial and Regency Governments

It also grants an exemption from import duties for machinery, goods and materials used in the business. As reported earlier, due the nature and size of the project, Gulf will be granted, under Tax Holiday Regulations, a 100% tax relief facility for 10 years following which tax reduction of 50% for a further 2 years.

Gulf Manganese Indonesian-based Technical Director, Kevin Parker, stated:

The granting of the Principle Licence is a singularly major step to commence building our Timor Smelter. We now can move forward with supreme confidence in finalizing the 50 year lease of land and the application of the various Regency permits required. We are most grateful for the strong support we have had from BKPM and Regency personnel during this period.

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