ASA Resource Group PLC Export incentive scheme & Top producer award (1720W)
February 07 2017 - 1:00AM
UK Regulatory
TIDMASA
RNS Number : 1720W
ASA Resource Group PLC
07 February 2017
Asa Resource Group plc
("Asa Resource", "the Group" or "the Company")
Export incentive scheme & Top producer award
Asa Resource is pleased to announce that Freda Rebecca Gold
Mine, in which the Group has an 85% interest, has received export
incentive credits and a Top Producer award.
The Reserve Bank of Zimbabwe introduced a 2.5% export incentive
scheme to large mining exporters effective 1st May 2016. This was
to address the challenges of low productivity and promote export
earnings. Freda Rebecca earned US$1.3m in export incentive cash
credits for the period to December 2016.
Freda Rebecca has also won the inaugural Best large Scale Top
Producer award, which attracts an additional 2.5% export incentive
bonus credits for the period January to December 2017. Freda
Rebecca therefore will have a total export incentive in the next 12
months of 5%, which translates to more than $4.5 million in cash
rebates from the Reserve Bank of Zimbabwe.
Mr Yat Hoi Ning, Group Chief Executive Officer, commented: "This
recognition is a great credit to the efforts of all the employees
at Freda Rebecca and is an acknowledgement of the contribution we
make to the Zimbabwean mining economy and the local community."
CONTACT
London
Asa Resource Group plc.
One Fleet Place, London EC4M 7W
Niall Henry, non-executive Director (Investor Relations)
communications@asaukplc.com
Hong Kong
Yim Kwan, Finance Director
Asa Resource Group plc.
Units 509-510, Level 5, Core E, Cyberport 3, 100 Cyberport Road,
Hong Kong
Nominated Adviser and Joint Broker
SP Angel Corporate Finance LLP
Prince Frederick House, 35-39 Maddox Street, London W1S 2PP
John Mackay, Jeff Keating, Caroline Rowe
Tel: +44 (0) 20 3470 0470
This information is provided by RNS
The company news service from the London Stock Exchange
END
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