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Note on Purification and Zakat
- Purification and Zakat (for long-term investing) calculations are in USD per share and based on AAOIFI methodology. AAOIFI requires purification every financial period (e.g. quarterly).
- If you follow S&P Shariah’s Dividend-only purification, then remove the impure income % from the dividends you receive. No purification required for non-dividend paying stocks, according to S&P Shariah.
- For Zakat, if you did not invest in a company from a long term perspective, then consider the shares as trading goods and give 2.5% of the total value if a year has passed on them.
Company Profile
Essex Minerals Inc. is a Canada-based company. The Company is engaged in the principal business activity of exploration of mineral properties. The Company has an 88% interest in the Cumberland and Compass Creek Projects and 100% in the Mt. Turner Project through its 100% ownership of KNX Resources Ltd (KNX). The Cumberland Property has over five granted exploration permits covering approximately 25,024 hectares (ha), 30 kilometer (km) from Georgetown, North Queensland, approximately 70 kms northwest of the Kidston gold mine. The Compass Creek Property has over three granted exploration permits covering 6,400 ha in Pine Creek goldfield, 130 km from Darwin, and 28 km north of Kirkland Lake’s Union Reefs mill. The Mt. Turner Property has a two granted exploration permit covering 6,000 ha, over 30 kilometers northeast of Cumberland to host high-grade epithermal mineralization and large bulk tonnage copper-molybdenum (with gold and silver) porphyry mineralization.
