Hi chokdee, you have waited a long time for an MDA so hats off...

Hi chokdee, you have waited a long time for an MDA so hats off to your patience! Yes I am aware of the PFS and the stated 1 and a half year payback, but that PFS was produced well BEFORE thhe signing of the MDA. What royalty rate Did GBE base their payback figures on back when they produced the PFS? And did they assume the royalty would be on profit at that time which would have been much more favourable than on revenue? If you can definitively answer that it might clear things up a bit. Also others on this thread seem to confuse royalties with income tax. GBE will be required to pay both the 5.45% royalty on revenue and then 30% corporate tax(Malawi tax rate for company’s) on any profit from the 90% of the project that GBE hold(Malawi gov has 10% of project under MDA.the tax breaks mentioned only help during construction phase by not paying VAT, which is like a gst.