Ann: Quarterly Report - January to March 2022, page-77

Big chunk of the accounting losses would apply to the Mongolia business and the loss on disposal of Mongolia ($116m loss)

You also need to take into account there will be significant differences between accounting and tax. For example 2021 impairment of $33.6 million of assets would not be tax deductible. TER valued Blair Athol for accounting around $75 million, but only paid $1.00 for it, therefore a lot of the depreciation/amortisation of the Blair Athol mine would not be a tax deduction.

TER are paying income tax per the cash flow, as to what jurisdiction that is, I am not sure. They also don't provide a tax note in their 2021 financial report, which i find odd. Considering the money they should be making out of Blair Athol, any tax losses should be fairly quickly utilised. Will they have sufficient franking credits to pay a 100% franked dividend, I think we will need to wait and see. It should be a consideration for management in determining the timing and amount of the dividend.


Per the 2020 financial report, they do have $43 million of DTA for tax losses. They have not booked tax losses for South Africa or Singapore.