Ann: FY22 PRODUCTION UPDATE, page-75

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entropylord

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20/07/22

14:53

Post #: 62631830
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Originally posted by Aqua65: ↑

“On 1 July, the Chilean government put forward a proposal for a new tax regime which will now be debated in Congress.

Although limited details were released, we estimate that the proposal would increase the total tax rate for a 50th percentile producer of over 200ktpa Cu to just over 60% if copper prices hit $11,000/t. This compares to 40% under the 2010 tax stability agreement that major mines have in place.

For higher cost producers, the relative increase is higher due to the revenue-based component of the royalty.

The proposed tax regime could act as a headwind to new investment - we estimate it would increase the incentive price required for a 12% return from $3.60/lb under the 2010 tax stability agreement to $4.16/lb.
Nevertheless, the proposals may well be amended when debated in Congress over the next few months, and miners are likely to push back against the proposal given the backdrop of a currently sliding copper price.”

From OZL site this morning .I agree with you too - I do .

I wrote a reply and lost it unfortunately, but the gist being that of course , and as Rick Rule says, he likes the best resources even in supposedly difficult jurisdictions.

We have seen what has occurred in Africa however.
And in nearby sovereign nations where there is massive corruptibility at local politician level- enormous money likely ending up in remote bank accounts? (from the Chinese)
The Chinese moved in in a big way and now own a lot in country, as they do also in South Africa now I am told.

And yes I don’t know locally as I’ve not been to any of these countries .

But alarming when legitimate companies projects - they suddenly losing the rights and having mining licences revoked & given to Chinese companies or Chinese shadow backed entities. ( I’m not suggesting this happen so baldly in South America as it is right now, but cannot say never )

Or Nationalisation of part, or all of mines or projects at final hurdle of a new mine starting point.

South America there is this trend and Chile for sure- governments seeking to prop up their ailing indebted government and economy, via higher royalties and taxes on foreign miners and production.
Yes it is also happening here and in every country now.

It isn’t the local synergies that concern me, good people wanting to work and the good resources say in Brazil or elsewhere, but the potential for corruption at highest level & even it being untenable to continue operating in a country.
(major companies have all exited or trying to fully exit Russia now- majority taking a full direct loss of almost the total investment)

I will leave off this topic now. I don’t want to seem prejudiced in any way as is not my intent. Just disquieted by governments some other jurisdictions, though enough hurdles to get through here —at least rights are fully protected here under Australian & global laws.
Aeris at least is local jurisdiction and we have good visibility of all.

Thankyou for reply and sharing, true too, & I appreciated .

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If you remember the Rudd/Henry episode you”ll recognise there are such risks in every country.

AIS Price at posting: 6.4¢ Sentiment: None Disclosure: Not Held
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