TORONTO, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM)(“DPM” or “the Company”) is pleased to announce it has entered into an investment protection agreement (“IPA” or “the agreement”) with the Government of Ecuador for the Loma Larga project (“Loma Larga” or “the Project”). Under the terms of the IPA, the Government of Ecuador has granted DPM tax stability and certain tax incentives, as well as legal protections including stability of the regulatory framework and resolution of disputes through international arbitration.

“The successful completion of the IPA is a significant milestone and positive step forward for the project. This agreement provides further legal protections and tax stability for DPM and our investors,” said David Rae, President and Chief Executive Officer of Dundee Precious Metals. “The IPA represents our dedication to working collaboratively with stakeholders, including the Government of Ecuador. We will continue to take a disciplined approach to future investment and advancement of the project based on the receipt of other key milestones and overall operating environment in country.”

Key incentives and protections for DPM under the IPA include:

A 5% discount on the income tax rate, fixed at 20%
Tax stability on VAT
Exemption on import duties for key machinery for plant and mine facilities

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