| Report after-tax NPV at 5%Table 22-2, p.339 | US$1,491M |
| Re-created NPV at 5% | US$1,490M |
| Variance vs report | −0.1% |
Re-created NPV: the report's after-tax NPV recalculated in our model from the report's published inputs, using the report's own tax, working-capital and timing treatment. It shows how closely the published economics can be reproduced. It does not confirm that the report's calculations or assumptions are correct, and it is not our base case.
The study's after-tax NPV cannot be reproduced from its own tax disclosure: it applies a 30% rate stated to include the 8.5% special mining duty, which is not a construction Mexican law provides, and roughly US$265M of deductions are never named. Built from the statutes, the tax is higher and the value below the study's headline, a difference the model sets out line by line. In the study's own taxation reading the model lands 0.06% below the report, so the difference is the tax build and nothing else.
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