The largest tax payments in Mozambique’s history have been assessed amidst extra-ordinary uncertainty. Prior to 2012, transactions worth tens of millions of dollars were not taxed. This changed after the sale of Riversdale to Rio Tinto. But application since that time has also been inconsistent. Revenues from capital gains taxes exceed $1 billion, but these are “one-off” payments that companies will claim back when production begins. The revenues seem large now, but are small in comparison the possible benefits from renegotiating core terms (such as royalties) in the very generous Rovuma contracts.