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Firefinch (ASX:FFX) delivers initial MRE for Morila gold deposits
The Morila Gold Processing Plant Source: Mali Lithium
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  • Firefinch (FFX), formerly Mali Lithium, has been served with a partial assessment from the tax department of Mali in relation to the Morila Gold Mine
  • In November last year, the company acquired an 80 per cent interest in Morila SA, the owner of the Malian mine
  • Last week, however, Morila SA received an assessment from the tax department disputing the amounts due for 2017
  • Firefinch disputes the findings and is seeking to meet with the tax department shortly
  • Shares have been trading 11.4 per cent lower at 19.5 cents

Firefinch (FFX), formerly Mali Lithium, has been served with a partial assessment from the tax department of Mali in relation to the Morila Gold Mine.

In November 2020, the company purchased an 80 per cent interest in Morila SA, the owner of the Malian mine, from Barrick Gold and AngloGold Ashanti. 

The company subsequently changed its name to reflect the broadening of its portfolio from purely lithium assets, notably its Goulamina Lithium project, also located in Mali, to be more diversified.

Last week, Morila SA received an assessment from the tax department in Mali disputing the amounts due for 2017.

The assessment claims that revenue from Morila gold sales for 2017 should have been US$146.9 million (approximately A$191 million) instead of the US$92.65 million (approximately A$120.5 million) which was reported.

Firefinch, however, disputes the findings and maintains a review of internal documents and receipts shows production and revenue from the mine were as reported in that year.

The company will submit its response and supporting documentation to the tax department in coming days, following which it will seek to convene a meeting.

Shares have been trading 11.4 per cent lower at 19.5 cents at 1:55 pm AEDT.

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