There's a bunch of incentives and tax privileges for companies processing at Walvis Bay export processing zone (what the company is aspiring for).
Processing in cobalt mining is as we know a big portion of added value. When CLA is paying no tax for this part of value chain a net tax burden of 20% is imo quite possible.
http://www.namibia-botschaft.de/images/stories/wirtschaft/Special_Incentives.pdf
P.S.
How big is the NPV for AVZ/Manono based on reserves ?
my ammended CLA valuation, page-39
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