- Big River Gold subsidiary, Cascar Brazil Mineração, has signed a protocol with the Brazilian State of Rio Grande do Norte (RN)
- The intention of this protocol is to provide incentives and assistance (including tax concessions), for the development of the company’s Borborema Gold Project
- Borborema will be the largest project in RN, with construction planned to commence in 2020
- On market close, Big River remains steady and is selling shares 1.5¢ apiece
Cascar Brazil Mineração, has signed a protocol with the Brazilian State of Rio Grande do Norte (RN).
The intention of this protocol is to provide incentives and assistance (including tax concessions), for the development of the company’s Borborema Gold Project at RN.
Borborema will be the largest project in RN, with construction planned to commence in 2020.
Executive Director Andrew Richards, travelled to Rio Grande do Norte last week to meet with the governor, Prof Maria Fátima de Bezerra, and sign the protocol in an official ceremony.
Borborema is located in the Seridó area of the Borborema province in north-eastern Brazil. It is 100 per cent owned by Big River and consists of three mining leases covering a total area of 29 kilometres squared.
“Rio Grande do Norte is actively pursuing projects that could be developed within the state and putting in place meaningful mechanisms to encourage new investment that will prioritise the use of local firms and labour,” the company said.
The protocol is a non-binding agreement but ensures that the new projects have access to the full co-operation and assistance of state departments for power, roads, water, environment and a reduction in taxes and tariffs for a variety of equipment.
“Reduced tax rates are in addition to the company’s eligibility for the Federal Sudene tax concessions for projects in that part of regional Brazil that will see company tax rates below 16 per cent,” the company added.
On market close, Big River remains steady and is selling shares 1.5¢ apiece.