R. Trout, W. Alvarez. Photo maimonense.com
Santo Domingo.- The miner Corporación Minera Dominicana (Cormidom), which extracts copper near the poor town of Maimon, central Bonao, yesterday handed RD$107.9 million to the town’s mayor, pertaining to last year’s 5% net profits.
Cormidom, which paid the government and Maimon more than RD$905.0 million in taxes in 2011, mines more than 11,000 tons of copper at Cerro de Maimon.
The mayor Williams Alvarez said the funds would strengthen programs to improve safety, extend road repairs and provide more scholarships to Maimon students, as Environment law 64-00 stipulates.
Cormidom president Peter Trout stressed that international copper prices have fallen from US$4.20 in 2011 to US$3.40 a pound this year, which in his is detrimental to the earnings and profits and the municipality’s taxes.
He added that the mine provides 400 direct jobs.
From: United States
i wonder how much the mining company made on the deal
From: United States, FREEPORT, Long Island.... ((You're blind to the fact that you're blind))
Only 5% profit!!!! Bull$@!#%........
Written by: bernies, 6 Sep 2012 10:11 AM
From: United States, key west fl
RobetoJose that is only to that town, that does not include what they have to pay to the central government from their profits.
From: United States
"RobetoJose that is only to that town, that does not include what they have to pay to the central government from their profits"
What difference does that make? It still remains at 5% no ifs, ands or buts..!!!!
Written by: simondc3, 6 Sep 2012 10:42 AM
From: United States
11,000 tons = 22,000,000 pounds = 352,000,000 ounces.
2011 world market spot price for ounce of copper ranged from US$3.30 - US$3.90.
If Cormidom sold at US$3 per ounce (since Cormidom is a private company there are no public records on Average realized price of copper per ounce, EBITDA, or anything else).
352,000,000 ounces * US$3 = US$1,056,000,000.
Owner/CEO seems to be Julio Espaillat. He happens to also be CEO of Goldquest Mining Corp (Canadian miner, of course) as of March 2011.
Started with Falconbridge in early 1980s, then moved to GlobeStar, now at Goldquest.
I wonder how he came to be private owner of Cormidom, the only miner extracting copper at the moment in DR.
Whatever, he's Dominican through and through. Hopefully he'll remain so and rise above current paradigm and seek to share the patrimony he now manages to benefit Dominicans. He seems to be doing that with the 5% to Bonao.
Written by: simondc3, 6 Sep 2012 10:59 AM
From: United States
I wonder though why:
1) Julio Espaillat would send a Canadian vampire to handover the check to Bonao?
2) Why mention the lower price of copper as detrimental to the municipality? Isn't detrimental to Cormidom's earnings? Would Bonao be denied the 5% profits if it goes lower?
Does anyone know Cormidom's mining practices in the area? Their social and environmental sense of responsibility? They're certainly much much more responsible than Falconbridge would ever be.
I read somewhere that the entire extracted ore is shipping to China in its entirety where it is smelted and purified. Good thing is not done in DR proper. Let them who buy the ore also deal with the tailing ponds and aquifer poisonings. The chinese should build a tailing effluence pool for the personal use of lying-sack-of-excrement RoyStone, HA.
Written by: simondc3, 6 Sep 2012 11:21 AM
From: United States
Further, Cormidom mined 11,000tons of copper which netted a little more than US$1.056billions in Gross Profits.
But gave Bonao RD$107.9Millions (5% of Net Profits).
RD$107.9Mil * 20 = RD$2.158Billions.
2011 average currency exchange prices for RD vs US was RD$37 : US$1.
So, turn that RD$2.158Billions to US$ at RD$37 : US$1 = approx US$58.324Millions total Net Profits.
Wait a second. What are Accounting 101 students missing here?
Cormidom had Gross Profits of US$1.056Billions but Net Profits of only US$58.324Millions?
How can their Liabilities & expenses (ITDAR) amount to nearly 95% of Gross? What the F$$K? Who's stealing from Julio Espaillat? Canadian Accountants? Or Julio Espaillat himself?
Coño, yet another case of Dominicans genuflected by a Dominican and made happy with vagazo.
I bet in the next couple of yrs when the world goes into the next big depression, Julio will be a Swiss citizen rubbing elbows with the other Swiss citizen Leonel Fernandez.
From: United States
simondc3, i like your stuff. keep firing away.
Written by: Gringo_1, 6 Sep 2012 2:13 PM
From: Dominican Republic, Maimon (Bonao)
@simondc
1. You are obviously not a math major. Please review your calculations/conversions.
2. Hint: Copper is sold in pounds or tonnes, but never ounces.
3. Cormidom used to be owned by a public Canadian company and is now a subsidiary of a major public company listed on the ASX. Google is your friend here.
4. There is only one (1) copper mine in the DR because it is the only one that has been discovered and built.
5. The Canadian vampire is actually Australian.
6. The company also pays full corporate income taxes in the DR, as well as, all statutory employee benefits in addition to the 5% environmental tax.
7. The tax is paid directly to the municipality in which the mine is located. In this case, it is Maimon and not Bonao.
8. Julio is no longer associated with the Cormidom in any manner. Again, Google is your friend.
9. If Cormidom's gross revenue goes down, then so does the net income which means the check will be smaller. Post >1000 chars
From: United States
can't wait for a come back from simondc3
From: United States
says Gringo1
1. You are obviously not a math major. Please review your calculations/conversions.
2. Hint: Copper is sold in pounds or tonnes, but never ounces.
is that consequential to the gravamen of the narrative? is it not a simple matter of multiplication? we do not need differential calculus to convert the measures, do we?
From: United States, NJ
At least the Mayor is getting something for his empooverish Town,directly no red tape or politician
involvements.He is getting 5% of the net RD1,025.050,000 millions or RD$107.9 millions .That otherwise he would had never seen, because it would had gone towards the METRO's completion.The ideal thing would be to match the same amout from the tax paid by the mining co.to the national gvt,.which was RD$905-107.9=RD$797.1 from the gvt as matched, RD$215.8 millions to the municipality.
Written by: Bogus, 6 Sep 2012 4:01 PM
From: Dominican Republic
simondc3's calculation of the mine's revenue is way too high. The copper production should be:
22,000,000 pounds x ÚS$3 per pound = US$66,000,000.
This shows that the copper revenue is much less than the US$1,056,000,000 calculated by simondc3 using ounces instead of pounds of copper.
Then the revenue from by-products, operating costs and taxes need to be factored into the profit calculation. This is relevant to the subsequent posts regarding the profits, payment to the municipality and alleged misuse of funds.
For a public company, the financial results must be externally audited and published. This information should be available publicly.
At the end of the day, this is a large chunk of $ for a local municipality and should make a big difference if it is spent properly!
From: United States, NJ
It will be spend wisely but you could bet the region will not see a penny from the national gvt for at least 10 years with that in mind,nor would a similar re-occurence be shown as gift to the egion,but regional taxes,if it does appears.That is why i had said would be nice if it gets matched.
Written by: simondc3, 10 Sep 2012 10:27 AM
From: United States
Gringo1,
You ruined my chances at a PhD on Arithmetic from Balliol College. That was my working thesis on it and now even King Henry VIII is upset over my booboo. History will never be the same after this.
Re CorMiDom being something or other in the Australian Exchange: You must have a special Google.
In all, Julio Espaillat deserves my apologies. As per my googling, he's only pocketing about US$5mils, I gather as bonus, which is fair considering how much mainstream banksters leech off of the rest of us without actually providing anything of sustainable value.
Go on Gringo1, there must be some drops of gloating left in your Google. Proceed.
Smaller
Bigger
Close Gallery
Facebook
Digg this
del.icio.us
Technorati
Yahoo
What difference does that make? It still remains at 5% no ifs, ands or buts..!!!!
11,000 tons = 22,000,000 pounds = 352,000,000 ounces.
2011 world market spot price for ounce of copper ranged from US$3.30 - US$3.90.
If Cormidom sold at US$3 per ounce (since Cormidom is a private company there are no public records on Average realized price of copper per ounce, EBITDA, or anything else).
352,000,000 ounces * US$3 = US$1,056,000,000.
Owner/CEO seems to be Julio Espaillat. He happens to also be CEO of Goldquest Mining Corp (Canadian miner, of course) as of March 2011.
Started with Falconbridge in early 1980s, then moved to GlobeStar, now at Goldquest.
I wonder how he came to be private owner of Cormidom, the only miner extracting copper at the moment in DR.
Whatever, he's Dominican through and through. Hopefully he'll remain so and rise above current paradigm and seek to share the patrimony he now manages to benefit Dominicans. He seems to be doing that with the 5% to Bonao.
1) Julio Espaillat would send a Canadian vampire to handover the check to Bonao?
2) Why mention the lower price of copper as detrimental to the municipality? Isn't detrimental to Cormidom's earnings? Would Bonao be denied the 5% profits if it goes lower?
Does anyone know Cormidom's mining practices in the area? Their social and environmental sense of responsibility? They're certainly much much more responsible than Falconbridge would ever be.
I read somewhere that the entire extracted ore is shipping to China in its entirety where it is smelted and purified. Good thing is not done in DR proper. Let them who buy the ore also deal with the tailing ponds and aquifer poisonings. The chinese should build a tailing effluence pool for the personal use of lying-sack-of-excrement RoyStone, HA.
But gave Bonao RD$107.9Millions (5% of Net Profits).
RD$107.9Mil * 20 = RD$2.158Billions.
2011 average currency exchange prices for RD vs US was RD$37 : US$1.
So, turn that RD$2.158Billions to US$ at RD$37 : US$1 = approx US$58.324Millions total Net Profits.
Wait a second. What are Accounting 101 students missing here?
Cormidom had Gross Profits of US$1.056Billions but Net Profits of only US$58.324Millions?
How can their Liabilities & expenses (ITDAR) amount to nearly 95% of Gross? What the F$$K? Who's stealing from Julio Espaillat? Canadian Accountants? Or Julio Espaillat himself?
Coño, yet another case of Dominicans genuflected by a Dominican and made happy with vagazo.
I bet in the next couple of yrs when the world goes into the next big depression, Julio will be a Swiss citizen rubbing elbows with the other Swiss citizen Leonel Fernandez.
1. You are obviously not a math major. Please review your calculations/conversions.
2. Hint: Copper is sold in pounds or tonnes, but never ounces.
3. Cormidom used to be owned by a public Canadian company and is now a subsidiary of a major public company listed on the ASX. Google is your friend here.
4. There is only one (1) copper mine in the DR because it is the only one that has been discovered and built.
5. The Canadian vampire is actually Australian.
6. The company also pays full corporate income taxes in the DR, as well as, all statutory employee benefits in addition to the 5% environmental tax.
7. The tax is paid directly to the municipality in which the mine is located. In this case, it is Maimon and not Bonao.
8. Julio is no longer associated with the Cormidom in any manner. Again, Google is your friend.
9. If Cormidom's gross revenue goes down, then so does the net income which means the check will be smaller. Post >1000 chars
1. You are obviously not a math major. Please review your calculations/conversions.
2. Hint: Copper is sold in pounds or tonnes, but never ounces.
is that consequential to the gravamen of the narrative? is it not a simple matter of multiplication? we do not need differential calculus to convert the measures, do we?
involvements.He is getting 5% of the net RD1,025.050,000 millions or RD$107.9 millions .That otherwise he would had never seen, because it would had gone towards the METRO's completion.The ideal thing would be to match the same amout from the tax paid by the mining co.to the national gvt,.which was RD$905-107.9=RD$797.1 from the gvt as matched, RD$215.8 millions to the municipality.
22,000,000 pounds x ÚS$3 per pound = US$66,000,000.
This shows that the copper revenue is much less than the US$1,056,000,000 calculated by simondc3 using ounces instead of pounds of copper.
Then the revenue from by-products, operating costs and taxes need to be factored into the profit calculation. This is relevant to the subsequent posts regarding the profits, payment to the municipality and alleged misuse of funds.
For a public company, the financial results must be externally audited and published. This information should be available publicly.
At the end of the day, this is a large chunk of $ for a local municipality and should make a big difference if it is spent properly!
You ruined my chances at a PhD on Arithmetic from Balliol College. That was my working thesis on it and now even King Henry VIII is upset over my booboo. History will never be the same after this.
Re CorMiDom being something or other in the Australian Exchange: You must have a special Google.
In all, Julio Espaillat deserves my apologies. As per my googling, he's only pocketing about US$5mils, I gather as bonus, which is fair considering how much mainstream banksters leech off of the rest of us without actually providing anything of sustainable value.
Go on Gringo1, there must be some drops of gloating left in your Google. Proceed.