NZC ta chart, page-77

The tax situation is pretty clear, the law has been passed.

There are some tricky items with implementation but the worst case scenario are the numbers contained in the code, and those numbers are in line with other African countries. Compare the rules here to Zambia, Ghana, Namibia etc.

Except for the surplus tax which as I read it is a stretch to 50% from 30% when you are at 25% premium in commodity price to BFS, so I guess you need to use a higher price in your BFS and give the banks a sensitivity analysis to use when negotiating finance (banks like conservative commodity price in BFS).

Anyway I think the team will deliver share price growth for us now that the whole circus has passed.

The next part of the circus we are not involved in, that is the Gecamines audits + renegotiation. The main effect this will have is probably another pop in cobalt price, if the last negotiation they had - on Lubumbashi slag pile is any indicator.

We have no link or deal with Gecamines so if the market has a brain we will simply benefit. The market is however pretty brainless right now. Hopefully Tembo can continue to keep their wits about them.