Kaz Minerals confirms VAT refunds from Kazakhstan

KAZ Minerals has received $166m in VAT refunds so far in 2017 as the tax paid during the construction of the Bozshakol and Aktogay projects has started to be returned.

The recoverable VAT paid during the construction of the two projects was included within non-current receivables as at 31 December 2016.

For comparison, Kaz received $30m in VAT refunds during the whole of 2016.

Bozshakol is an open pit, sulphide concentrator and clay plant located in the Pavlodar region of Kazakhstan and the associated international sales and marketing activities managed out of the UK, while Aktogay is an open pit, sulphide concentrator and oxide plant located in the East of Kazakhstan and the associated international sales and marketing activities also managed from the UK.