GMIN's Tocantinzhou Gold Mine Gets Major Tax Break Boost
G Mining Ventures Corp. (GMIN), a mining company trading on the TSX under the symbol 'GMIN', has received a significant boost for its Tocantinzhou Gold Mine (TZ). The federal development agency SUDAM has approved TZ's inclusion in the regional development tax incentive program.
GMIN, led by President and Chief Executive Officer Louis-Pierre Gignac, has been granted a substantial tax break for its Tocantinzhou Mine in Brazil. The approval, which came from SUDAM, the federal development agency tasked with fostering sustainable economic growth in the Amazon region, reduces the Brazilian nominal corporate income tax rate applicable to TZ from 34% to approximately 15.25% for a period of 10 years, starting from fiscal year 2025.
This approval is expected to materially enhance TZ's after-tax earnings and free cash flow generation. GMIN, which is engaged in the acquisition, exploration, and development of precious metal projects, is anchored by the Tocantinzhou Mine in Brazil, supported by the Gurupi Project in Brazil and the Oko West Project in Guyana. The company views this approval as a strengthening of TZ's economics and an affirmation of the value of its investment in the Amazon region.
G Mining Ventures Corp. (GMIN) has received approval for a significant tax incentive for its Tocantinzhou Gold Mine (TZ) in Brazil. The approval, which reduces the tax rate to approximately 15.25% for 10 years, is expected to enhance TZ's earnings and cash flow. GMIN sees this as a positive development for its investment in the Amazon region.
