ownership plus taxation

It took a while ..had to read the March 2007 Prospectus
Basically zero taxation..however Goverment holds 50% interest..fully funded by cnt
Cnt can recover funding costs over time
Further Goverment also recieves a 3% gross royalty

I like this story a lot..and it seems fairly obvious that over time you will see a ramp up from 200,000 0z pa and still see real value at these levels..these style of companies can surprise to the upside once well known

If you like virgin terraines.. also have a look at Citadel (cgg) across the waters
in Saudi also bagged a monster.. definately a couple of others ...maybe several
i.e. 300m at 2.6% cu plus credits
Isnt well known (yet)..my punt for the next Oxiana..given Cggs diversified portfolio

Zero goverment production sharing
However in CGG case they have a Saudi Group as partners in the big copper project..100% in all other 9 projects
Zero royalties to Goverment
20% tax will full repatriation of profits

Cheers

The Ant