Tuesday, 11 June 2013

The Globe and Mail: Kinross Gold cancels Ecuador project over tax impasse

Kinross Gold Corp. said on Monday it is halting development at its Fruta del Norte gold project in Ecuador after failing to reach an agreement with the government over a windfall tax on revenues.

Chief Executive Paul Rollinson said Ecuador had refused to budge on the 70-per-cent tax, and had indicated that it would not approve a sale or extend the company’s license beyond an Aug. 1 deadline.

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