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18/04/24
07:41
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Originally posted by manny100:
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You may well be right. If capital gains are applicable, then it's a major oversight in the original sale to GF, and the indenmity provides GF with a significant discount. According to what i have read, Mali taxes. Capital gains are added to taxable income and taxed at the standard rate. The corporate rate is 30%. Google Doing business in Africa Mali. Includes a section on taxes. If we are being 'stung' for capital gains then an offer of $US95mill would value the total cap gain (profit) of half a share of Goulamina at the time of transfer at $US316 million. 95 divided by 0.3 = 316 Sounds pretty steep. I can't remember off hand what GF paid. As it is subject to negotiation, Mali must have a higher value. Google Doing Business in Africa Mali. This includes a section on tax rates and says Capital Gains are included in taxable income. The reality is that we do not know what Mali is claiming from us, but it appears GF is not being chased for money. So it seems only LLL related as opposed to the JV. Only speculation so far. If cap gains are the issue, then it may well be that there is no FFX/LLL compensation issue. Because Mali have taken taxes, duties etc during constructionir seems they consider us to the under the new Mining Law and that is also part of the negotiations. If settlement talks are just about cap gains and which mining law version we come under then i would expect a settlement to be reached........ eventually.
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It may well be if its a cap gains issue that the prior government exempted the transfer and like other tax exemptions the Junta has over ruled it. Although if that was the case it likely would have been announced. Speculation of course. The tight ship has no leaks.