"Under the terms of the FTAA, the Company had a period of up to...

"Under the terms of the FTAA, the Company had a period of up to five years from 1 April 2013 or until 31 March2018 to recover its pre-operating expenses and property expenditures from “net revenues” (as referred tobelow) from the project area. The Government of the Republic of the Philippines commenced to accrue a 60%share of the net revenue on 1 April 2018. However, since the Company was not able to fully recover the preoperating and property expenses by the end of such five-year period on 31 March 2018, the Company allocatedthe unrecovered portion as a depreciation allowance, deductible from net revenues over the next three years. "

So, even OGC could get Didipio back, there is not much meet left for us? Such is a good deal for the government and I wonder why they won't renew the contract, unless they want to totally steal the project. OGC should put the mine into C&M right now and lay off the local team. I can't see much point to continue to spend US$40-50M/year over there. If OGC can manage the mines in US and NZ properly, it can still be a company well worth over $2B.