Aquarius Platinum Limited - Mimosa Mining Company: Reduction In Company Tax Rate
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration number: EC26290
Share code on JSE: AQP ISIN: BMG0440M1029
Share code on ASX: AQP.AX ISIN: BMG0440M1029
Share code on LSE: AQP.L ISIN: BMG0440M1029
Share code on US Over the counter market: AQPTY ISIN: US03840M2089
(`Aquarius`)
AQUARIUS PLATINUM LIMITED
MIMOSA MINING COMPANY: REDUCTION IN COMPANY TAX RATE
Aquarius Platinum Limited (Aquarius or the Company) is pleased to announce that
following gazetting of the Government of Zimbabwe`s Finance Act, 2004, the
corporate tax rate in Zimbabwe has been reduced to 15% from 20%. The
introduction of this tax rate which will be effective and backdated to 1st
January 2004 is applicable to Aquarius` 50% owned Mimosa Mining Company (Pty)
Limited.
Commenting on this development, Stuart Murray, CEO of Aquarius Platinum says ` I
welcome the introduction of the lower tax rate. This tax rate adjustment was an
undertaking of the Ministry of Mines and Energy some time ago and was designed
to encourage the investment in the expansion of the Mimosa Mine. We are pleased
that this is now in place.`
Further to the tax rate development, the Company continues both through the
Mimosa Mine management and directly, to engage the Reserve Bank of Zimbabwe
Governor with respect to the management of foreign currency flows into and out
of Mimosa Mining Company. The Governor recently invited participants in the
Zimbabwean platinum industry to a meeting in Johannesburg where he outlined
certain of his ideas to stimulate the sector. The Governor requested proposals
from the participants and the Company is engaging with the Governor`s office to
produce a win-win arrangement with respect to the management of foreign currency
flows into and out of Mimosa Mining Company.
13th December 2004
Further information please contact: www.aquariusplatinum.com
In Australia:
Willi Boehm
Aquarius Platinum Corporate Services
Pty Ltd
+61 (8) 9367 5211
In United Kingdom:
Nick Bias Alex Buck
Buck-Bias Limited Buck-Bias Limited
+ 44 (0) 7887 920 530 +44 (0) 7932 740 452
In South Africa:
Charmane Russell
Russell & Associates
+27 11 880 3924 / +27 82 376 2327
Note to editors:
The Mimosa Mine will move its month-end cut-off for production and accounting
purposes to the 21st of the calendar month from the current 28th of the calendar
month. This move will harmonise the month-end cut-offs across the Aquarius
group. As a consequence the current production quarter and production half-year
for the Mimosa mine will be shortened by 7 days.
Date: 13/12/2004 11:43:33 AM
Produced by the JSE SENS Department
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