Essentially that's the same contract we have, with a small gross value royalty and then an income tax on the net profit.

Is this what you are talking about? The translation is a little strange. Is the community 20% taken out of the Govt's 40% or is it a seperate 20% or is it 20% of the leftover 60% which would be 12%?

Looks like "the profit" is somewhere between 40 and 60% except for all the extra costs of "being in charge of the sector"?

From the makinmoola post (Chavez mining on mind): The project which is formed is required to cancel the tax from 3% per mining, and additionally, the Venezuelan state will receive 40% of net income, which produce 20% will be allocated to communities, the rest of the the profits will be acquired by the private investor, bearing in mind that any investment will be in charge of that sector.

I should go look at our MOA. This seems like different verbage.