Lundin Gold Receives Ecuadorian Tax Assessment for $73 Million
Lundin Gold has received a tax assessment from Ecuador's tax authority, SRI, for the 2023 fiscal year. The company believes the assessment is inconsistent with sovereign agreements.
Vancouver, BC – Mining company Lundin Gold has received a notice of assessment from Ecuador's tax authority, the Servicio de Rentas Internas (SRI), concerning its 2023 fiscal year tax obligations.
The SRI has proposed an amount payable of $73 million, with potential fines and penalties bringing the total to $154 million, excluding interest. Lundin Gold stated that it believes this assessment is not consistent with the sovereign agreements in place.
The company has indicated its intention to dispute the assessment. Further details regarding the company's specific objections or the basis for the proposed penalties have not yet been publicly disclosed.
Lundin Gold's operations are primarily centered around the Fruta del Norte gold mine in Ecuador, which represents the company's main source of production.