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BRIEF-MMG Ltd Provides Las Bambas Tax Update

Published 03/08/2020, 07:24 pm
Updated 03/08/2020, 07:30 pm
© Reuters.
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Aug 3 (Reuters) - MMG Ltd 1208.HK :

* MMG LTD- LAS BAMBAS TAX UPDATE

* MMG LTD - MINERA LAS BAMBAS S.A. GOT AN ASSESSMENT NOTICE FROM NATIONAL SUPERINTENDENCE OF TAX ADMINISTRATION OF PERU

* MMG LTD- ASSESSMENT OF OMITTED TAX IS IN AMOUNT OF US$17.3 MILLION

* MMG LTD - MLB DISAGREES WITH THIS INTERPRETATION AND APPLICATION OF PITL BY SUNAT

* MMG-SUNAT ADVISED MLB THAT MLB & GROUP OF LENDER BANKS ARE RELATED PARTIES & A 30% WITHHOLDING TAX RATE OUGHT TO BE IMPOSED RATHER THAN 4.99% APPLIED

* MMG LTD-TOTAL ASSESSMENT OF OMITTED TAX PLUS PENALTIES AND INTEREST IMPOSED BY SUNAT EQUALS US$44.1 MILLION

* MMG LTD - CO DOES NOT INTEND TO RECOGNISE A LIABILITY IN ITS CONSOLIDATED FINANCIAL STATEMENTS FOR ANY ASSESSED AMOUNT

* MMG LTD- LOANS TO WHICH ASSESSMENT RELATES ARE CERTAIN LOANS PROVIDED TO MLB IN CONNECTION WITH ACQUISITION OF LAS BAMBAS MINE IN 2014

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