Hi roblun,
Thanks for the detailed info, doesn't look like the annual ML fees are particularly onerous.
No mention of the compensation costs for "exclusive use", maybe a multiple (x10? = A$400/h?) of the annual ML fees between land clearing, mining, tails deposition, restoration and handing back (5 years turnaround?) for the areas being actively mined. No idea what a local farmer would typically expect to make per hectare/year, but I believe Uganda is generally quite fertile.
You would have to assume that the gov. would grab the maximum 15% free carry, particularly if it is making money! Royalties of 5% of the "gross value" may be a challenge depending on your gross revenues/ASIC (i.e. net profit margins). 50% profit margins would equate to 10% "net" royalty, 25% profit to 20% "net" royalty etc...so a bit steep unless you have very high margins... but generally you would be allowed to factor in some costs before calculating royalty $ figure.
I believe a revised DFS for Makuutu is in the works so all these details should be factored into a revised NPV, but you will need to be demonstrably profitable at realistic RE pricing, so still profitable after factoring in a reasonable discount to some of the fanciful (IMO) RE pricing forecasts from the likes of Adamas.
Anyway GLTAH, I'll be watching with interest!
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