reason for 3% rise, page-25

Mardo,

I couldn't really understand this myself. However reading your comment, got me thinking about things in a different way...

If the pre-commercial production costs are offset against the mines capital costs, then I would assume they haven't commenced the 3 year tax free window (this is from memory only, please correct me if I have this wrong).

So whilst RED is producing minimal gold, they are presumably not paying any tax on current revenues as the limited production will be just offsetting capital costs.

Is this possible?? Would make for a clever tactic pending full production at completion of commissioning to make the most of the tax free period... Plus it gives them a better chance of saying the build came in under budget.

Would really appreciate a more informed view on the above as this is idle speculation on my behalf.

Cheers,

JB