Member Info for Mumbles2021

Yes it does say revenue, that doesn't change the actual fiscal laws of the land. I'm happy that it refers corporate income tax and the laws that subsequently apply.

What are you questioning. If there ever is a dispute the law of the land will always take precedent

DP I don't need to, I'm perfectly happy with research I've done and the conclusions I have drawn

DP referring "to why not read the mining contract PRE signed". Strangely enough i have. i have also read the tax codes applicable to the extractive industry in Angola. i also have experience of assessing and implementing these laws and codes in various Extractive industry projects in West Africa. Particularly ensuring that tax laws are interpreted correctly and their impacts on the profitably of company properly assessed. i also have experience in compliance with conditions required to ensure that any and all incentives available under various pioneer tax schemes are able to be monetised. i am perfectly satisfied that Pensana are fully aware of the tax liabilities that they have agreed to.

Contrary to popular belief, the ministries of Natural resource rich countries in west Africa are staffed with well educated professionals. In Angolas case, these professionals are also very experienced due to the maturity of their extractive industry. This maturity is accompanied by a very structured regulatory and fiscal regime. it has to be, the ministry officials negotiate multibillion dollar agreements with the expensive lawyers of huge multinational companies. they don't have any leeway.

The PRE mining contract has a summary of the applicable tax rates expressed within Angolan law, together with some incentives to encourage the project to take place.

In Angolan terms the exepected revenues from Pensana, do not justify the writing of a completely new set of fiscal rules. But the project is significant in that Angola needs to diversify away from Oil and gas, as the future revenues from this source are looking increasingly uncertain. consequently, the incentives that have been given, also only with the limits allowable by Angolan law. these are identified in the RNS relating to the mining license.

to confirm, the tax is 25% of profits, split 20& National, and 5% to municipality

refer to the following publications

https://thelawreviews.co.uk/title/the-mining-law-review/angola-mining-law
http://quantumglobalgroup.com/wp-content/uploads/2017/10/Sovereign-Wealth-Funds-as-a-driver-of-African-development.pdf
https://www.vda.pt/xms/files/05_Publicacoes/2021/2021_mining_Angola.pdf

have you ever considered Therapy.

How many of these type of projects in WAF do you have experience of please. The coupon for the Angolan operation will be in the region of 8-12% . Which is a significant premium, but fully expected. The Time/Country risk (TCR) for Angola / Nigeria and similar in WAF region is considered to be in the region of 6-8 %. I don' personally don't expect there to be any shortage of subscriber at these risk premiums. They aren't chalked high yield bonds for nothing.

DP try looking at the fiscal terms for mineral mining in Angola. against which the Pensana mining license has some preferential terms. rather quoting from that big yellow and black book "Investing for dummies". As you aren't prepared to do some objective research I've done it for you

https://thelawreviews.co.uk/title/the-mining-law-review/angola-mining-law

Just give up, it ain't remotely funny any more. Even when somebody tries to explain in word of one syllable you can't see it.

SD, you are right, i should be more humbled!!!

Obviously I mean 5% municipal tax

For any one reading DP's interpretation of the mining license terms, he is plain wrong. The Angolan fiscal terms are widely available on various sites. There was a slight change last year. This is so some revenue from resources are given directly to the communities from which where the resources are extracted rather than into the Federal pot. Consequently there is 20% National tax and 5% National tax (making p 25% CIT. The 2% royalty which DP advises he didn't know about, is quite straightforward. It is based on the FOB value of the exports from LOBITO , this IS based on the total value of the exported product.

DP I don't know why I'm wasting energy on you. I guess it's because I'm bored and got nothing else to do. The base rate in Angola is 21% as you say. But that is in local currency. This project is priced and financed in USD with applicable Interest rates. The 12 month LIBOR rate of which is 0.22%. The premium on the PRE bond is expected to be a chunky 8-12%. This is due to Angolan risk. But this is known and priced in. I personally have 20 years experience in West Africa, the last 10 of which were involved on project finance both through local banks and through bonds and offshore finance. I'm also pretty hot on taxation having worked with various pioneer tax schemes in several African countries. It is my experience in these particular aspects and how Pensana had approached them that attracted me to this project in the first place. What is you interest other than getting your rocks off trolling projects that you have no interest in or any knowledge of the details and resorting to total fabrication of facts

With the greatest respect you are wrong. It states national tax.

Tornado, the tax arrangement isn't anything special, it is Angolan CIT (corporate income tax), in addition there are 2% royalties on total sales, for long term benefit for Angola. In addition there are. Sweeteners for Pensana in the form of capital allowances, corporation tax holiday, duty exemption and dividend tax exemption for a limited time. It's attractive, but not overly generous.

DP go and have a look at any one else’s share register, including where your own stock is held

Hogsnipe, i suspect that could be a problem on a metallurgical site, made me smile. rather some magazines Viz-a-Viz if you get my drift

so far Tony has backed up all his statements with sources, whereas you have yet to do so.... i know who i would believe first. as China says, if it is that big an issue, make your own enquiry and do your own research, like the rest of us do.

DP, seems a very authoritative statement. on what basis have you come to that conclusion. Same as all your other statements i guess, ie no basis. fits your own narrative. Sod the facts.......................

Telegram works fine on MacOS with no issues. well recommended

Totally with you