Mozambican government nets US$90 million from sale of shares in Revubóe mines in Tete province

8 March 2012

The Mozambican state has netted almost US$72 million from tax on the sale of the shares owned by the Talbot Group in mining company Minas Revubóe, located in Mozambique’s Tete province, according to a report Thursday in Mozambican newspaper Notícias.

The figure is the result of taxes on a profit made by the Talbot Group of 630 million Australian dollars.

In a letter to the Ministry for Mining Resources the Talbot Investment Group, which is headquartered in Australia, stated its interest in selling 100 percent of its stake in Jockeys Financial, Lda. and Midrev Resources Mining Mauritius, both of which are partners in the Minas de Revubóe company, which holds the Prospecting and Surveying License for coal in the Moatize district of Mozambique’s Tete province.

A commission from the Mozambican government considered that profit resulting from the transaction of the stakes held by Jockeys Financial, Lda. and Midrev Resources Mining Mauritius (both of which are 100 percent-owned by the Talbot Group) in Minas de Revubóe were taxable in Mozambique.

A 40 percent tax was applied to the stake owned by the Talbot Group in the companies as Jockeys and Midrev have had their stakes in Minas de Revuboé for a period of between 24 and 60 months. (macauhub)