Xinyi Received Favorable Local Tax Rates
BEIJING, June 24, 2011 /PRNewswire-Asia-FirstCall/ — China Shen Zhou Mining & Resources Inc. (“China Shen Zhou” or the “Company”) (NYSE AMEX: SHZ), a company engaged in the exploration, development, mining and processing of fluorite, zinc, lead, copper, and other nonferrous metals in China, today announced that the Jingde county government has approved the application of the Xinyi Fluorite Company, Ltd. (“Xinyi”), a subsidiary of China Shen Zhou based in Jingde County, Anhui Province, to obtain favorable tax rates for the next five years starting from June 22, 2011.
In China, the local county will normally retain 25% of both the corporate income tax and Value Added Tax (VAT). However, there are some favorable tax rate policies to promote new investment in assets in the county.
The Jingde county government has verified and confirmed that Xinyi’s total assets after restructuring exceeds RMB 8 million (approximately USD 1.2 million ). Therefore, the county government has approved that the county’s retained corporate income tax will be returned fully to Xinyi during the first two years of the five-year period and it will return 50% during the remaining three years. In addition, 50% of the county’s retained VAT will be returned during the first two years.
Ms. Xiaojing Yu, Chief Executive Officer of China Shen Zhou, commented, “China Shen Zhou is benefitting from the local government’s tax policies to promote new investment in the county. These preferential tax rates will contribute to improved profit margins for Xinyi and, in turn, increase shareholder value.”
About China Shen Zhou Mining & Resources, Inc.
China Shen Zhou Mining & Resources, Inc., through its subsidiaries, is engaged in the exploration, development, mining, and processing of fluorite and nonferrous metals such as zinc, lead and copper in China. The Company has the following principal areas of interest in China: (a) fluorite extraction and processing in the Sumochaganaobao region of Inner Mongolia; (b)zinc/copper/lead exploration, mining and processing in Wulatehouqi of Inner Mongolia; and (c) zinc/copper exploration, mining and processing in Xinjiang.
For more information, please visit http://www.chinaszmg.com/
For more information, please contact: Kevin Theiss / Min Liu Grayling +1 646 284 9409 email@example.com Min.firstname.lastname@example.org
SOURCE China Shen Zhou Mining & Resources, Inc.