A worker processes gold at a Besra plant. (Photo: www.besra.com)
Authorities of the central province of Quang Nam
have recalled the business registration of Phuoc Son Gold Company Ltd (PSGC), run by Canadian mining firm Besra Inc., due to the firm’s long-delayed tax payment.
In the coming six months, PSGC will have to repay its tax debt or submit a feasible tax payment plan, otherwise the firm will be shut down, VnExpress.vn cited Deputy Director of the provincial Department of Planning and Investment Tran Van An as saying.
The business license was granted to PSGC in 2003 and is valid until 2033.
According to Besra, the Canadian firm was granted exploration licenses at Phuoc Son in 1999, and commissioned that gold plant in 2011. It is the most modern gold facility in Vietnam.
Besides PSGC, Besra owns Bong Mieu Gold Company, another gold joint venture in the province.
The two companies have dug up an estimated seven tons of gold, but have been reporting losses over the past years, resulting in a combined cumulative loss of 1.03 trillion dong ($45.8 million) as of mid-2014, according to Vietnamnet.vn.
They have owned a total of 434 billion dong ($19.3 million) worth of taxes as of June 2016.