FFX 0.00% 20.0¢ firefinch limited

Ann: Trading Halt, page-93

  1. 4,175 Posts.
    lightbulb Created with Sketch. 7065
    From the Randgold 2017 Annual report:

    Produced 70,000 oz, sold 67,800oz (Higher due Domba processing)
    Sales $86.1m
    Profit from mining activity 19.1m EBITDA
    30% tax on that = $5.73m with 80% ownership = $4.584

    So assuming no interest/depreciation the total tax bill would be US$4.584m

    The above figures are audited, so would stand up in arbitration
    They don't quote the breakdown of tax paid for Morila, I'm assuming it would be the $4.584m less any depreciation etc. Overall Randgold paid over $50m in taxes and only had a 40% interest in Morila.
    Their attributable 28k oz at Morila was insignificant compared with the 1.315m oz they produced in 2017
    I can't see the shortfall the tax office are claiming as being very big, the most it could be is $4.584m and that's assuming they paid no tax at all and had no depreciation.
 
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