KCCCC, page-8

Hi Ducky. 

The 5% seems right as the quarterly reports tell us they are paying around 14 cents a pound.

If you look at the resource estimate attached to the last quarterly there is 120Kt of cu in the Giant Pit  Resource That's about $1billion dollars worth. When I enquired why we were only expected to get about 40 KT from the giant pit I was told that the resource estimate includes the 40kt in the open Pit plus a further 80 Kt  around and under the pit which is I Imagine what they could access via an UG programme. So probably about 600 or 700 million dollars worth.  It would seem that the $200m going to the government involves far more than royalties . Its possible to imagine that with all the taxes that are paid that a third of such activity could get back to the government. With GST .Income tax, company tax, fuel tax and tax on the smokes and beers that will inevitable be consumed it could well be so.