RE:RE:China’s Zijin pays off stake in Ivanhoe’s Congo copper projeIdleweiss,
The government takes 55% of the profit, not off the top. There is the new proposed 35% tax rate on profits. Then the government took an extra 10% each from IVN and the Chinese, in exchange for absolutely nothing. It was protection money. That's the way things work when government officials have aides who carry machine guns. So, the effective corporate tax rate on IVN is actually 45%. There is an extra 2 or 3% royalties, I forget the exact amount.