I remember tax losses against Australia are 120m, 30% tax rate gives a value of 36m.
Then there is the royalty in Guyana. The payment of the royalty can be offset against income taxes. So maybe they can operate in Guyana for a long time without paying income taxes there? Would only apply if profitability is way better than 30% of income equaling 8% of royalty.
The future of Troy Resources, page-19
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