Gold CEO: Tax cuts aid reinvestment
The chief executive officer of a Canadian gold mining company which plans to start digging in Northern Ireland next year has said cutting the corporation tax rate would help reinvestment in the local economy.
Patrick Anderson, whose firm Dalradian Gold floated on the London Stock Exchange this morning, said around 3.5 million ounces of the precious metal had been identified in the Gortin, Co Tyrone, area, enough to sustain the industry for 18 years.
The business community has been lobbying for powers over corporation tax to be devolved to allow the Executive to reduce the rate from 21% to compete with the Republic of Ireland for foreign direct investment.
Mr Anderson said: "It gives us more flexibility in being able to expand our programme in building more infrastructure and reinvesting in the local economy."
He said nothing was certain yet and added if the cut was "in front of him" as a fact it would be further examined.
The limits of the reserve under the Sperrin Mountains have not yet been identified but Mr Anderson said it was one of the richest sources in the world and the excavation could last for a generation.
He said: "It could become a gold mining centre of excellence," adding that disturbance to the surface would be minimal.