The Spanish ministry of industry has granted Rio Narcea Gold Mines (RNG-T) a 35% non-reimbursable subsidy for capital expenditures on its gold projects in northwestern Spain.
The ministry’s resolution specifies that the subsidy is the first of a series of annual subsidies likely to be granted the Denver-based firm for the years 1996 through 1999, based on total project expenditures of $US81 million.
The 35% subsidy is intended to help reindustrialize areas affected by coal mine closures; it amounts to US$6.5 million during the one-year period ending April 30, 1997.
Rio Narcea already receives a similar 15% subsidy from the regional government of Asturias.
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