Ann: Higher Grade Saprolite intersected in San Jorge Deposit, page-42

They get the TAX credit from Australia they are DEVELOPING a third world Country they get tax concessions for that , they also get taxed on the NET profit to AVQ ..From...AVQKB and they pay their Taxes in the SI.the 20% to the landowners becomes a tax deductable
SMM do not own soley any Refineries in the Philippines that is currently operating....as my previous post states they are share holders in 3 refineries of which 2 are currently closed and the other will close.