Argentinian government lowers tax for Millennial’s lithium project
The National Mining Secretary of Argentina granted this week a Federal Fiscal Stability Certificate to Millennial Lithium’s (TSXV: ML) Pastos Grandes lithium project.
The application was completed last year, and the certificate outlines the tax regime and additional benefits bestowed upon Pastos Grandes for the next 30 years.
“The main aspect of the Federal Fiscal Stability Certificate is the confirmation of a reduction in the corporate tax rate to 25% as of January 1, 2020,” Farhad Abasov, Millenial’s president and CEO, said in a media statement. “Millennial continues to advance the lithium project at Pastos Grandes with a pilot plant construction underway and active pilot ponds.”
The 8,664-hectare Pastos Grandes property is located in the northwestern province of Salta.
To date, its Canadian owner has invested over C$40 million in exploration and development work, which includes 22 completed exploration/monitoring wells, four pumping test production wells, pilot ponds, a pilot plant as well as a year-round camp supported by a hybrid solar power system.
Measured and indicated resources at the project have been estimated at 774,000 tonnes of in situ Li; 4,120,000 equivalent tonnes of Li2CO3; 8,045,000 tonnes of in situ K; and 15,342,000 KCI equivalent tonnes.
In the inferred category, resources are 150,000 tonnes of in situ Li; 798,000 Li2CO3 equivalent tonnes; 1,559,000 tonnes of in situ K; and 2,973,000 KCI equivalent tonnes.