Maputo, Mozambique — 08 March 2012 – The Mozambican state has netted almost US$72 million from tax on the sale of the shares owned by the Australian-based Talbot Group in mining company Minas Revubóe, located in the country’s Tete province.
Revealing this here, Macauhub cites Mozambican daily newspaper ”Noticias” as saying that this figure is the result of taxes on a profit of A$630 million made by the Talbot Group.
In a letter to the Ministry for Mining Resources, the Talbot Investment Group, stated its interest in selling 100% of its stake in Jockeys Financial Lda. and Midrev Resources Mining Mauritius, both of which are partners in the Minas de Revubóe company, which holds the prospecting and surveying licence for coal in the Moatize district of Mozambique’s Tete province.
A commission from the Mozambican government considered that profit resulting from the transaction of the stakes held by Jockeys Financial, Lda. and Midrev Resources Mining Mauritius (both of which are 100%-owned by the Talbot Group) in Minas de Revubóe were taxable in Mozambique.
A 40% tax was applied to the stake owned by the Talbot Group in the companies, as Jockeys and Midrev have had their stakes in Minas de Revuboé for a period of between 24 and 60 months.
Source: Macauhub. For full item click here.