Mag­nis waits on tax ver­dict

Townsville Bulletin - - NEWS -

THE Aus­tralian com­pany plan­ning to pro­vide the graphite an­ode to a pro­posed bat­tery man­u­fac­tur­ing plant at Townsville has con­tin­ued its sus­pen­sion from trad­ing on the Aus­tralian Se­cu­ri­ties Com­mis­sion as it awaits the fall­out from the Tan­za­nian Gov­ern­ment’s move to in­crease taxes on min­ing com­pa­nies.

Mag­nis Re­sources is among a raft of com­pa­nies sus­pended from trad­ing on the Aus­tralian Se­cu­ri­ties Com­mis­sion over con­cern about the moves.

The com­pany says it ex­pects to make an an­nounce­ment re­gard­ing the level of im­pact the leg­is­la­tion has on the com­pany on or be­fore Au­gust 28.

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