StockMarketWire.com - Highland Gold Mining signed an agreement with Russia's Far East Development Corporation confirming residency in the Chukotka Advanced Special Economic Zone for the company's Kekura and Klen projects.

As residents in the Chukotka Advanced Special Economic Zone, Kekura and Klen would be subject to zero or reduced income tax, precious metals royalties, land rental, land tax, and property tax over the first five to ten years of operations.

They would also pay a unified social tax on payroll of 7.6% versus the statutory rate of 30%, and be entitled to an expedited refund process for value added tax expenses.

The Russian government's ASEZ programme, designed to spur new investments in the country's Far East Federal District, covered 19 geographic areas. The Chukotka Advanced Special Economic Zone, in which Kekura, Klen, and the Company's Valunisty mine were located, was created earlier this year via the expansion of an existing zone.






At 9:56am: [LON:HGM] Highland Gold Mining Ltd share price was +1.1p at 200.5p



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