Wed Oct 5, 2011
WINDHOEK Oct 5 (Reuters) - The management at Rio Tinto's Rossing mine in Namibia said on Wednesday it had reached a deal with the local union over production incentives, ending an ongoing battle that has disrupted output at the uranium producer.
"We have reached an agreement that has been accepted by both parties and provides benefits to employees as well as to the company," the company and the union said in a joint statement.
(sourced Reuters)
Showing posts with label Rio Tinto Namibia. Show all posts
Showing posts with label Rio Tinto Namibia. Show all posts
Wednesday, October 5, 2011
Thursday, August 18, 2011
Namibia says will not raise mining tax to 44 pct
Aug18, 2011
WINDHOEK (Reuters) - Namibia has decided not to go ahead with its plan to raise the mining tax for companies in the non-diamond sector to 44 percent after the industry expressed concerns, the finance ministry said on Wednesday.
Instead it will stick with the current rate of 37.5 percent and proposed a formula-based surcharge to get extra revenues when the economy is doing comparatively well.
Namibia had proposed to hike the tax last month to boost revenues.
The ministry said it proposed that the cabinet review some of the planned tax measures over which major concerns had been raised.
"The proposed 44 percent corporate income tax for non-diamond mining sector is done away with," the ministry said in a statement.
"Instead, the current rate of 37.5 percent to operate in conjunction with a formula-based surcharge to capture additional mining revenue during better economic periods is proposed."
Namibia is one of the world's largest producers of diamonds and has deposits of uranium. Foreign firms are exploring in the southwest African country for gold, lead, zinc and iron ore.
Rio Tinto and Australian miner Paladin Energy are the current uranium producers in Namibia.
WINDHOEK (Reuters) - Namibia has decided not to go ahead with its plan to raise the mining tax for companies in the non-diamond sector to 44 percent after the industry expressed concerns, the finance ministry said on Wednesday.
Instead it will stick with the current rate of 37.5 percent and proposed a formula-based surcharge to get extra revenues when the economy is doing comparatively well.
Namibia had proposed to hike the tax last month to boost revenues.
The ministry said it proposed that the cabinet review some of the planned tax measures over which major concerns had been raised.
"The proposed 44 percent corporate income tax for non-diamond mining sector is done away with," the ministry said in a statement.
"Instead, the current rate of 37.5 percent to operate in conjunction with a formula-based surcharge to capture additional mining revenue during better economic periods is proposed."
Namibia is one of the world's largest producers of diamonds and has deposits of uranium. Foreign firms are exploring in the southwest African country for gold, lead, zinc and iron ore.
Rio Tinto and Australian miner Paladin Energy are the current uranium producers in Namibia.
Monday, March 7, 2011
Kalahari Minerals says in takeover talks
Mon Mar 7, 2011 11:25am GMT
* Kalahari confirms in talks with third party, may lead to offer
* Shares in Kalahari rise 13 percent
LONDON, March 7 (Reuters) - Kalahari Minerals (KAH.L: Quote) on Monday said it was in talks with an unnamed third party, which may lead to an offer being made for the company, sending its shares to an all time high.
Shares in the UK-listed miner, which holds around 43 percent of Extract Resources (EXT.AX: Quote) (EXT.TO: Quote), soared as much as 13 percent to a highest ever 293.50 pence on the news, as it said discussions were ongoing and that a further announcement would be made when appropriate.
Kalahari said it was also in talks to simplify its shareholder structure with Extract in a bid to combine assets with Rio Tinto in Namibia.
The company wants to combine Extract's Husab Uranium project with the neighbouring Rossing Uranium mine owned by Rio Tinto (RIO.AX: Quote) (RIO.L: Quote). It added that there is no certainty the parties will reach any agreement.
Extract's chairman told Reuters in February that the company had no intention to sell its Husab uranium deposit, the largest of its kind in the world.
Analysts have long said Extract could be an eventual target for Rio, whose Rossing mine is near Extract's Husab deposit. Speculation was renewed last month week when the two companies said they were in talks to combine their uranium projects.
Shares in Kalahari were up 10.47 percent at 11.06GMT, giving the company a total market value of 705.6 million pounds.
* Shares in Kalahari rise 13 percent
LONDON, March 7 (Reuters) - Kalahari Minerals (KAH.L: Quote) on Monday said it was in talks with an unnamed third party, which may lead to an offer being made for the company, sending its shares to an all time high.
Shares in the UK-listed miner, which holds around 43 percent of Extract Resources (EXT.AX: Quote) (EXT.TO: Quote), soared as much as 13 percent to a highest ever 293.50 pence on the news, as it said discussions were ongoing and that a further announcement would be made when appropriate.
Kalahari said it was also in talks to simplify its shareholder structure with Extract in a bid to combine assets with Rio Tinto in Namibia.
The company wants to combine Extract's Husab Uranium project with the neighbouring Rossing Uranium mine owned by Rio Tinto (RIO.AX: Quote) (RIO.L: Quote). It added that there is no certainty the parties will reach any agreement.
Extract's chairman told Reuters in February that the company had no intention to sell its Husab uranium deposit, the largest of its kind in the world.
Analysts have long said Extract could be an eventual target for Rio, whose Rossing mine is near Extract's Husab deposit. Speculation was renewed last month week when the two companies said they were in talks to combine their uranium projects.
Shares in Kalahari were up 10.47 percent at 11.06GMT, giving the company a total market value of 705.6 million pounds.
(Reporting by Lorraine Turner; Editing by Rhys Jones,sourced:Thomson Reuters)
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