...EDV was leveraged bet on higher POG as higher cost producer. Still holding and hope we will see much higher prices later this year.
Teranga-->lowest quartile AISC and cash costs, 200k/year gold production ounces that accrue to equity holders (20k of 220k/year goes to Franco Nevada), 10 year mine life, Can't remember tax regime but might still be tax free --> then 25-30% corporate rate, big exploration potential on land package, Cormart literally loaded the boat (me too! but tiny in comparison) on the huge volume around $.60 so shares in strong hands (Cormart = Sprott = how could they sell Teranga compared to other producers in portfolio). Post-Tax NAV is much higher:
Cormart: $2.00 (NAV calculation not disclosed after FNV stream, need older report)
Following exploration success, the permit holder may enter into a mining contract agreement with the State, which provides the State a free carried interest of 10% of the project. Under the Senegalese Mining Code, numerous fiscal incentives are offered to mining license holders, including a minimum seven-year exemption from income tax, amongst other tax exemptions, and the opportunity to secure a lease of up to 25 years for a major project. All mining activities are subject to a royalty of 5% of the value of the mine site payable to the Government.
Foreign mining companies are allowed to expatriate profits.
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