RE:RE:Excellent news - all cylinders firing nicely!I believe it does, as the Government likley owns 10% of the shares of the BF subsidiary. The free carry is NOT a royalty on top line revenue. Any royalties are built into top cash costs and all-in susustaining costs. As an example, the government of Eritrea owns 40% of the shares of Nevsun's subsidiary in that country that operates the mine. As a result, 40% of aftertax profits are dividended out to Nevsun and to the Eritrean government. I'm pretty sure TGM has it set up in Burkina Faso as well.
That said, I did make a mistake in the earlier calcuation. I forgot to deduct the 20,000 oz that TGM has to deilver to the streamers each year, beginning Mar 31, 2016. For those 20,000 ounces, they only get paid 20% of the spot gold price, and the streamers keep the 80%. So the top line revenues in my earlier calc are reduced somewhat, but only on those 20,000 oz. If you work through the calcs, it reduces the per share cash flow to $0.11 to $0.12 CAN per share based on 400 million shares. Still a pretty good number for a junior producer currently trading at 33 cents.