Ann: Mining Convention for Minim-Martap Bauxite Project signed, page-4

So the Mining Convention is signed but...


Remember the BFS with its 22% pre-tax IRR which included no contingency and low ownership costs https://hotcopper.com.au/posts/62114911/single


Now if the Mining Convention is compared to the BFS:

- royalty

BFS 5 year holiday
MC commences on granting of the mining permit it appears

- community development fund

BFS 1%
MC 1%

- special account for the development of local capacities

BFS 0%
MC 1%


- ownership by state

BFS 10% free of charge
MC 10% free of charge and non-dilutionary which I take to mean free carried

from page 63 of the BFS announcement, "The BFS has been completed on a 100% Project ownership basis for the financial assessment."

I believe the BFS says we'll issue 11% more shares and give them to the state for free and then all shareholders contribute equally to build the project.
The MC appears to say we'll issue 11% more shares and give them to the state for free and then we, the other shareholders will spend our money to build the project.


- production

BFS ????
MC 5% to state as a production sharing agreement - what does this mean?


Chuck on top of all this 24 months for a feasibility study for an alumina plant and construction of same starting 30 months after signing the Mining Permit!!!!!