Ann: IEC Update June 2019, page-13

They say they're appealling "a large part of the assessment" and i note that 50% of said assessment relates to interest and penalties. Reading between the lines, I'd say they're contesting the interest and penalties and not the royalties - which means they havent been paying tax as required. I doubt that Tanzanian royalties are determined on anything more sophisticated than tonnes sold and, since the company's accountants can count, management have no excuse for underpaying taxes. So, whilst this feels like another kick in the guts for IEC holders, I'm not sure that the Tanzanian government is to blame for this to the exclusion of IEC management.