I take your point that there is always an element of sovereign risk involved in mining ventures, but that is the case in all jurisdictions, including Australia, so it may be instructive to hear what the CEO of the world's biggest gold miner Barrick Gold had to say on the subject in Mining Week:
According to CEO Aaron Regent, Barrick will still be able to send cash out of the South American country, but would be subject to paying a 1.2% "transaction tax".
"As far as we understand it, there are no restrictions in terms of our ability to get capital out of the country, it's just the process you have to go through to achieve it'.
Barrick head of government affairs Kelvin Dushnisky added that there was no "prohibition" on taking funds out of the country.
My comment: This makes absolute sense. Some of the biggest miners in the world are putting or have tens of billions of dollars either already invested or about to be invested here. Inability to repatriate profits would not make any sense for anyone and would kill investment. no "prohibition' on taking funds out of the
TRY Price at posting:
$3.86 Sentiment: LT Buy Disclosure: Held
