profit margins fixed in advance. ugh.

Here is some evidence of how the Iranians think developing a mining project (like ours?) should be financed with preference shares (Talk of "Pre-defined profit" sounds like preference capital to me?). The text is from an article in today's Iran Daily. We took exploration risk and they want to reward us with a pre-defined profit? That is just not good enough, IMO.

"In the early 1990s the buy-back method of transaction (the government buys back the industrial project after the foreign direct investor has recouped his initial investment in the project plus a predefined profit) was
introduced to bypass constitutional constraints on foreign
investment and avoid potential political difficulties within the country.
The scheme has government support for being an efficient
means of attracting foreign capital, services and
technical expertise, while reducing foreign exchange expenditures and expanding exports. It is estimated that $20 billion, mostly in foreign investment, will be required for the government to materialize the targets of its 20-year plan, known as Vision 2025 and to improve the mining sector."

Full article below on page 4:

http://www.iran-daily.com/1387/3151/html/pdf.htm