Nobody likes paying tax and we don’t expect the mining sector to be any different. We don’t take a position as to the equity of taxation or ideal level of taxation, but rather the impact it will have on industry returns and the likelihood of projects reaching production. Almost all of the tax changes and increases levied in recent years have been graduated rather than flat. As prices have risen, there has been a general trend for royalty payments to move from being volume to value based as governments the world over have strived for a larger piece of the pie.
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