NCM newcrest mining limited

spot check team, page-45

  1. 39 Posts.
    The Bonikro mine on the Cote d'Ivior produced 92,000 of NCMs total production of some 2.325 million ounces - or 3.85%

    From the NCM website -

    "Bonikro in Côte d'Ivoire, West Africa, is owned and operated by LGL Mines CI SA, an Ivorian company 89.89 per cent owned by Newcrest."

    From the Reuters report -

    "The new tax will be levied on profits above a government-fixed estimated production cost of $615 per ounce, with the rate dependent upon the world price of gold, according to the text of the law seen by Reuters.

    Companies will pay from 17 to 20 percent with gold prices between $1,600 and $1,800 per ounce. Above that range, the rate rises by 1 percent for each $50 increase in the gold price up to a maximum rate of 50 percent. Below $1,600, it falls by 1 percent per $50 decrease."

    Attention should be paid to the last paragraph -
    "Miners obliged to pay corporate tax in Ivory Coast will pay a lower rate."

    I would say impact MINIMAL. Selling WAY overdone.
 
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