Shanta Gold Share Discussion Threads

[jc2706] 31/5/2019 15:42

From the final results:

"The Group exports doré bars which it does not consider to be a raw mineral and therefore are not deemed to be an exempt supply under the amended VAT Act 2014 brought into effect in July 2017. Written assurances were received from the Government of Tanzania that Shanta's gold exports are not deemed a raw mineral."

[338] 31/5/2019 15:39

PoG broke $1300 mark again

[338] 31/5/2019 15:32

L2 view please :)

[jasper2712] 31/5/2019 15:22

VAT is owed to a whole range of businesses in TZ . The VAT repayments aren't only due to miners . Eric Zurin was also confident that there would be a resolution to this non payment - although he did say that he expected to hear from the TZ Govt. by mid May.
I think you have got confused with the problems that Acacia mining are having and the tax that has not been paid by them.

[echnaton1] 31/5/2019 12:35

The thing is there may be no offset at all.

As for the previous refund the legislation increasing overall taxation (I am not sure how this was done but get the feeling it was done through a different treatment of the VAT) was only enacted mid 2017 which could be compatible with a November refund, assuming authorities are fairly slow in processing claims.

[338] 31/5/2019 12:31

Actually, being offset against corporate taxes will be good enough.

[338] 31/5/2019 12:30

How would you explain the £3.4m VAT Refund in Nov 2007 RNS then?

[echnaton1] 31/5/2019 12:12

When looking at hxxps://resourcegovernance.org/blog/magufuli-seeks-right-balance-tanzania-mining-fiscal it sounds as if export of gold doré is not considered an activity which entitles a VAT subject to a refund; in other words the input factors which were subject to VAT will be deemed to have been for the companies own consumption and thus that VAT can not be recovered. One can argue about whether that is reasonable or not but if that is the lie of the land it seems pretty hopeless to hope for a refund. It would not even be a question of the authorities being difficult but they would be formally correct not to pay. The VAT on the input factors may need straight expensing rather than including the open balance as an asset. Does anybody have indications that this is not so? If it is true then the company needs to adapt its accounting accordingly.

[338] 31/5/2019 11:09

The gross debt keeps reducing

[redhill] 30/5/2019 16:30

AG

Yes but you believed we would need a rights issue every year for the last 3 !

[redhill] 30/5/2019 12:21

QS99

News on a VAT refund. Anytime but probably dependant on Acacia & Barrick being sorted out.( Mid June onwards)

Update on the exploration of the Lupa Gold Fields . Sometime before the end of June.

Drilling update .Hopefully by the end of June but not definite.With life of mine extension expected July.

Quarterly production numbers. 3rd week in July.

[qs99] 30/5/2019 10:01

When are we expecting any new updates from SHG?

[redhill] 29/5/2019 09:15

Yes what a pillock !

Might have actually garnered some information as i have posted some informative links as to what is going on with Acacia.

Still post 30132 makes a great thread. Nothing to discuss or argue about.

Perhaps he got bored there were no posts for 5 days !

[johnrxx99] 29/5/2019 08:40

Great thread.

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[redhill] 24/5/2019 22:38

No,no,no.I refuse to entertain such a ridiculous assumption !

[redhill] 24/5/2019 21:31

Yes but really. $500 m to the officials ?
Barrick could not entertain that.

[jasper2712] 24/5/2019 21:18

The 2018 CPI (Corruption Perceptions Index ) draws on 13 surveys and expert assessments to measure public sector corruption in 180 countries and territories, giving each a score from zero (highly corrupt) to 100 (very clean).

Tanzania came in at 99 th most corrupt on the list of 180 countries

36 score for 2018
36 " " 2017
32 " " 2016
30 " " 2015


So based on this they are getting SLIGHLY LESS corrupt. Their politicians are the same as ours -say one thing -do another!


The UK was 11th on the list with Denmark being the No.1 most honest and trustworthy to deal with.

[redhill] 24/5/2019 19:35

I think you are wrong about the bungs. I think the problems before may have been caused by bungs but this government elected on an anti corruption platform have had enough of the way Acacia have operated.