Yes I realise the trading is quite Canada centred, it just seemed that the Aust market wasn't following the Canadian market to the degree I would have expected specifically for the reasons you raise.
This is the cash flow section of the feasability study, with cash dropping as you would expect with the change in tax/revenue share treatment.
I don't think the cash flow impact is quite as big as you first think, however, due to the size and treatment of the finance costs that are deductible prior to the Philippines 60% calculation.
