Patagonia Gold PLC Argentine Export Tax (9843Z)
September 06 2018 - 4:15AM
UK Regulatory
TIDMPGD
RNS Number : 9843Z
Patagonia Gold PLC
06 September 2018
6 September 2018
Patagonia Gold Plc
("Patagonia Gold" or the "Company")
Argentine Export Tax
Patagonia Gold Plc, the mining company with gold and silver
projects in the Patagonia region of Argentina, Chile and Uruguay,
would like to update the market on the implementation of a new
export tax in Argentina.
On 3 September 2018, the government of Argentina announced a
series of measures to mitigate the economic problems the country is
currently facing. Among the measures announced is the
implementation of an export tax to be applied on all exports,
including goods and services, until 31 December 2020. The
applicable tax depends on the type of product. In the case of doré
produced by Patagonia Gold, the tax to be applied is $4 (four
Argentine Pesos) for each dollar exported which, at the current
exchange rate, represents approximately 10% on the sales value.
We are in the process of analysing the impact of the recent
devaluation and the export tax and will continue working with the
Mining Chamber to mitigate the financial impact of the export tax
on the industry and Patagonia Gold.
About Patagonia Gold
Patagonia Gold Plc is a mining company that seeks to grow
shareholder value through exploration, development and production
of gold and silver projects in the Patagonia region of Argentina.
The Company is primarily focused on its flagship Cap Oeste project
in Santa Cruz and the recently acquired Calcatreu project in Rio
Negro. In addition, it is carrying out exploration in Manchuria and
Sarita in Argentina and San Jose in Uruguay. Patagonia Gold,
indirectly through its subsidiaries or under option agreements, has
mineral rights to over 250 properties in several provinces of
Argentina, Chile and Uruguay and is one of the largest landholders
in the province of Santa Cruz, Argentina.
For more information, please contact:
Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Plc
Tel: +54 11 5278 6950
James Spinney / James Dance
Strand Hanson Limited (Nominated Adviser and Broker)
Tel: +44 (0)20 7409 3494
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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