TAM would have to be tempted to keep the 40% interest in the CTP - their share of production starting in 2017 would be 60,000 ounces per annum at maybe a margin of $5oo/oz over cash costs or $30mil surplus per annum for at least six years and they must have substantial tax losses to offset these profits.
Today's market cap of $35mil looks cheap as they are now debt free and should remain so as NST are liable for all costs until production starts - so there should be no further share dilution either.
Ann: Completion of Central Tanami Deal, page-2
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