Major Rio Tinto has reached an agreement with the government of Madagascar on the future fiscal arrangements for the QIT Madagascar Minerals (QMM) joint venture, and renewed their long-term partnership for the sustainable operation of the QMM ilmenite mine in Fort Dauphin. The new agreement was confirmed by the High Constitutional Court of Madagascar on August 8 and signed by the parties on August 22.
PERTH – Major Rio Tinto has reached an agreement with the government of Madagascar on the future fiscal arrangements for the QIT Madagascar Minerals joint venture, and renewed their long-term partnership for the sustainable operation of the QMM ilmenite mine in Fort Dauphin.
It will enhance the benefits received by the people of Madagascar and support a sustainable future for the QMM mine, providing certainty for Rio on the fiscal arrangements, Rio said in a statement. An amount equalling the $12-million dividend will be invested by the government in the 109-km rehabilitation project of the National Road 13 . Rio will also contribute up to $8-million to the road project, subject to predefined milestones and deadlines. The project will bring significant improvement to the region by facilitating the movement of people and critical supplies to hard-to-access areas.
QMM will also increase support for local communities by doubling its annual contribution to fund programs of interest.
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