Below are the conditions signed off by the Serbian Govnt and RT to mine the boron property back on Feb 16, 2006.
IF, EV should be awarded the boron property would our concession conditions be similar, or would they be less, due to our circumstances surrounding the property? Comments would be appreciated.
"The estimated amount of borate ore deposits total nearly 7.5 million tonnes, said Naumov and added that exploration should begin in approximately four months, whereas the contract envisages a five-year period for geological exploration and production of project documentation and a 25-year exploitation period.
According to Naumov, the contract also envisages construction of the mine and state-of-the-art facilities for production of refined boric acid powder, with a capacity of 30,000 to 100,000 tonnes a year. The total value of the project is €140 million.
The compensation for the concession is 1% of the income from the sale of refined boric acid plus 5% as compensation for exploiting minerals. Apart from that, there will also be VAT funds going into the budget, as well as profit tax and other taxes and contributions said Naumov".
