Lygend Sets Up Indonesian JV to Secure Tax Incentives for Slag-Treatment Project
MT Newswires Live
Jan 14
Lygend Resources & Technology (HKG:2245) said its Indonesian units PT Bhakti Bumi Sentosa and PT Bumi Mineral Sentosa set up a new joint venture in the country for tax incentives, according to a Hong Kong bourse filing Tuesday.
Shares of the nickel company fell over 5% in morning trade Wednesday.
The new joint venture, called PT Baja Jaya Lestari, will have an initial investment of around $505 million.
The venture is expected to reduce the future tax burden of the company's hydrometallurgical slag treatment business, specifically a plant with an annual treatment volume of 1.34 million metric tons, plus ancillary facilities.
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