Widespread's Asian Minerals comments on nickel tariff
Widespread's Asian Minerals comments on nickel tariff increase
Asian Mineral Resources ("ASN") is Widespread's largest investment, representing 70.6% of total assets at its present market value of Cdn $1.51 a share.
ASN made the announcement below in Canada last night. As noted within the announcement it is not yet clear whether the new tariff regime will apply to ASN's Ban Phuc nickel project.
The complete ASN announcement follows.
For and on behalf of the Board,
Chris D Castle
Takaka, 13 June 2008
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Asian Mineral Resources: Comments on Increase in Tariff on Nickel Exports
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TORONTO, ONTARIO--(Marketwire - June 12, 2008) - Asian Mineral Resources Limited ("AMR" or the "Company") (TSX VENTURE:ASN) announced today that the Vietnamese government issued a decree increasing effective June 16, 2008 the export tariff on a number of minerals, including nickel. The tariff on exports of nickel has increased from 5% to 20%. The Company is studying the decree in order to determine whether the new tariff regime would apply to exports of nickel concentrate by its 90% owned subsidiary Ban Phuc Nickel Mines Limited, which is currently building a mine expected to commence production in the first half of 2009, and if so, the impact of such increased tariff on the project.
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