GoldBridges to be included in state programme in Kazakhstan

3rd Jun 2014 11:12

The Sekisovskoe mine development project owned by GoldBridges Global Resources has been included in a Kazakh government programme that is expected to improve infrastructure, provide tax exemption for 10 years and reimburse almost a third of capital costs. The East Kazakhstan authorities have given the green light for inclusion of the project in the State Programme On Forced Industrial-Innovative Development (SFIID), a government effort to boost projects that have strategic importance for the Kazakhstan economy.Final approval will be sought following the preparation of a report by the Kazakh Ministry of Industry and New Technologies (MINT) which will be presented to the Kazakhstan State Commission on Modernisation.Following final approval, the Kazakh government will build infrastructure to expand the current connection of Sekisovskoe project to main electricity and transportation networks. Furthermore, changes have been made to legislation that will further increase state support for SPFIID projects including income tax exemption for 10 years and reimbursement of up to 30% of project capital expenditures.Maxim Strelnikov, the Chief Operating Officer of GoldBridges Global Resources, which changed its name from Hambledon Mining in January, said: "Over the last couple of years we have been closely working with the Kazakh authorities to include Sekisovskoe project in the SFIID. "We are very proud that continuing efforts to develop Sekisovskoe mine were acknowledged by the East Kazakhstan authorities and we look forward to MINT approval in the near future. The recent changes in legislation are also a very positive development since they pave the way for a new investment environment in Kazakhstan." By 11:24 on Tuesday, the share price had declined 8.71% to 2.83p, having risen from 1.2p over the last 12 months.NR