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Tasiast Gold Mine
Ownership
Red Back Mining Inc. acquired the Tasiast project from Lundin Mining Corporation in August, 2007 following Lundin's acquisition of Rio Narcea Gold Mines, Ltd. The Tasiast mine and the mining lease on which it is based are owned 100% Tasiast Mauritanie Limited S.A. ("TMLSA"). TMLSA is owned by the Corporation through Red Back Mining B.V., a Dutch company.
The mining lease is exclusive to TMLSA and is not subject to any option or joint venture arrangement. No back-in rights are held by any party.
The taxation of mining operations is legislated within the mining law of Mauritania and is not generally affected by changes to taxation in other areas. The corporate tax rate for mining companies is 25%. A royalty is payable to the Government of Mauritania equal to 3% of gross revenue.
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