From an accounting perspective I don't think its a stretch to say that WAF are conservative so they'd not include the VAT asset if they didn't think it was recoverable. Hyde mentioned on a call a couple of years ago that VAT receivable recoveries had been processed without any drama although that was at a time prior to military rule. Do you think that perhaps military rule is likely to have changed that dynamic?
In any case the around $68 million in tax liabilities outweigh the VAT asset so it's fair play for mine at this stage. Will be interesting to monitor for sure.
From what I understand is that in Burkina life is as usual so I'm not sure on the whole sovereign risk theory..
WAF Price at posting:
85.5¢ Sentiment: Buy Disclosure: Held
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