AMUR Minerals, the Russian nickel and copper explorer, yesterday said that newly implemented tax breaks would boost its revenues by $100m (£60.4m).
The Russian government reduced the mineral resources extraction tax and the profits tax from the start of January, which Aim-listed Amur Minerals said has benefitted their Kun-Manie mine in the south of Russia.
The net impact of the tax reductions could provide additional revenues of $100m from the mine, the company said.
“The investment incentives signed into law are indeed improving the investment environment in Russia as well as the potential of the project,” said chief executive Robin Young.
“These newly implemented regulations remove some of the financial risk associated with the development of a natural resource project as large as ours and should serve to encourage additional foreign investment in the region.”
The new tax incentives will expire on 1 January 2029.