Lundin Gold Inc.0R4M
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Ecuador tax authority assesses $154M, including fines, over 2023 fiscal year.
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Lundin Gold Inc.Critical Materials & Supply Chain
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Mentioned
Lundin Gold Inc. has received a notice of assessment from Ecuador's tax authority, the Servicio de Rentas Internas, regarding a sovereign adjustment for the 2023 fiscal year, proposing a total of $154 million, which includes $73 million payable plus $81 million in potential fines and penalties, excluding interest. The company, which operates the Fruta del Norte gold mine under an Exploitation Agreement and an Investment Protection Agreement with the Government of Ecuador, believes the assessment stems from a misinterpretation of the calculation methodology and plans to escalate the issue to protect its rights. Fruta del Norte continues to operate normally, and the assessment does not affect current operations, guidance, exploration plans, or the capital return strategy. President and CEO Jamie Beck expressed confidence in the company's interpretation and intends to resolve the matter through appropriate channels.
Lundin Gold Inc.Ecuador tax authority assesses $154M, including fines, over 2023 fiscal year.
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