Ann: Quarterly Cashflow Report, page-44

Well, now I'm really confused....explain to me what is 'free cash flow' I would expect that to mean cash after expenses...as in profit. And that expenditure recovery will come in the form of tax free profit (although there is money they pay to get the diamonds marketed thru the 'government' channel - call it a tax if you must...or surcharge)....profits until they get their investment in exploration and development back. My understanding, again...is that LOM is tax-free for quite a while to recover its substantial costs back...Considering the non-funding participants...ENDIAMA and R&P....I don't know what their tax situation will be on profits that are shared to them and they'll be awarded at the appropriate percentage....and don't care....probably somewhere between zip and zero...being Angolan entities...
I'm happy for you, 1S1, to clear this up but I'm fairly certain I've got this right - as it is fairly common in the thurd world....Thurd world countries generally don't hand out multi-million dollar cheques as a reward for developing a mine - they'd much rather utilise the painless tax exemption method....Very standard.