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Central Asia Metals PLC Proposed acquisition of -47-

22 Sep 2017 6:01 am
  loss.................................................................................. 
  ...........                                                                              (6,593,547)   (5,183,292) 
 Interest 
  expenses.............................................................................. 
  ........................                                                                   (676,975)   (1,195,528) 
 Accretion expense (Note 
  19)..................................................................................      (185,848)     (182,589) 
 Finance 
  costs................................................................................. 
  ...........................                                                              (7,456,370)   (6,561,409) 
                                                                                          ------------  ------------ 
 Net finance 
  income................................................................................ 
  ..................                                                                         7,406,223    17,541,000 
                                                                                          ------------  ------------ 
 
   12.       Income tax expenses 

Recognised in the statement of comprehensive income:
 
                                                                                           2015            2014 
                                                                                       ------------  --------------- 
 Current tax expense 
 Current 
  year............................................................................... 
  ................................                                                      (4,693,270)      (6,807,990) 
 Tax of dividend 
  paid............................................................................... 
  .................                                                                     (1,076,782)      (7,543,967) 
 Deferred tax income/(expenses) 
 (Decrease)/increase in deferred                                                                  -                - 
  tax assets........................................................... 
                                                                                       ------------  --------------- 
 Total income tax in the statement 
  of comprehensive income...........................                                    (5,670,052)   (14,351,957) 
                                                                                       ------------  ------------- 
 
 
                                                                                           2015           2014 
                                                                                       ------------   ----------- 
 Profit before 
  tax................................................................................ 
  ..............................                                                         45,881,925    63,933,751 
                                                                                       ------------   ----------- 
 Tax 
  rate............................................................................... 
  .............................................                                                 10%           10% 
                                                                                       ------------   ----------- 
 Tax expense at SASA tax 
  rate............................................................................... 
  .......                                                                                 4,588,193     6,393,375 
                                                                                       ------------   ----------- 
 Items which are not deductible 
  (taxable) in calculating taxable 
  income: 
 Other non-deductible 
  expenses........................................................................... 
  .......                                                                                 1,376,889     8,780,671 
 Tax 
  credit............................................................................. 
  ...........................................                                           (1,611,875)     (353,551) 
 Unwinding of 
  discount........................................................................... 
  ......................                                                                    152,801       222,057 
 Depreciation for provision for 
  rehabilitation and environment..............................                               81,572        87,419 
 Provision for retirement and other 
  employment benefit obligation.......................                                       51,336       409,551 
                                                                                       ------------   ----------- 
 Subtotal........................................................................... 
  ................................................                                           50,723     4,146,147 
                                                                                       ------------   ----------- 
 Current tax 
  rate............................................................................... 
  ................................                                                              10%           10% 
 Tax 
  effect............................................................................. 
  ...........................................                                                 5,072       414,615 
                                                                                       ------------   ----------- 
 Tax of dividend 
  paid............................................................................... 
  ......................                                                                  1,076,787     7,543,967 
                                                                                       ------------   ----------- 
 Income tax 
  expense............................................................................ 
  ...........................                                                             5,670,052    14,351,957 
                                                                                       ------------   ----------- 
 Effective Tax 
  rate............................................................................... 
  ...........................                                                                   12%           22% 
                                                                                       ------------   ----------- 
 
 

According to the provisions of the Profit Tax Law the tax base is the profit generated during the fiscal year increased for non-deductible expenses and reduced for deductible revenue (i.e. dividends already taxed at the payer), with profit tax at rate of 10%.

The tax authorities may at any time inspect the books and records within 5 to 10 years subsequent to the reported tax year, and may impose additional tax assessments and penalties. SASA's management is not aware of any circumstances, which may give rise to a potential material liability in this respect.
   13.       Property Plant and Equipment 
 
                                                      Buildings 
                                                         and          Machinery 
                                                        mining           and       Construction 
                                          Land      infrastructure    equipment     in progress      Total 
                                        ---------  ---------------  -------------  ------------  ------------- 
Year ended 31 
 December 2015 
Opening net book 
 amount..............                     670,505       25,358,739     14,636,672     8,387,671     49,053,857 
Additions............................ 
 ............                                   -                -              -     7,508,625      7,508,625 
Transfer from 
 construction 
 in 
 progress............................. 
 .............                                  -        5,121,931      3,123,042   (8,244,973)              - 
Write-off/Disposal................... 
 ......                                         -                -       (59,193)             -       (59,193) 
Depreciation 
 charge.......................                  -      (1,191,834)    (4,280,153)             -    (5,471,987) 
Foreign exchange 
 gain (loss)...........                         -          185,098              -             -        189,093 
Exchange 
 differences......................       (69,150)      (2,679,356)    (1,490,574)     (853,574)    (5,092,654) 
                                        ---------  ---------------  -------------  ------------  ------------- 
Closing net book 
 amount..........                         601,355       26,794,573     11,929,794     6,797,749     46,123,471 
                                        =========  ===============  =============  ============  ============= 
 
 At 31 December 
  2015 
 Cost................................ 
  ............                            601,355       29,820,858     36,566,207     6,797,749     73,786,169 
 Accumulated 
  depreciation...........                       -      (3,026,285)   (24,636,413)             -   (27,662,698) 
                                        ---------  ---------------  -------------  ------------  ------------- 
 Net book amount.....................     601,355       26,794,573     11,929,794     6,797,749     46,123,471 
                                        =========  ===============  =============  ============  ============= 
 
 Year ended 31 
  December 2014 
 Opening net 
  book amount...........                  760,148       26,134,571     15,750,114     7,066,095     49,710,928 
 Additions........................... 

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September 22, 2017 02:01 ET (06:01 GMT)

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