Ann: DEFINITIVE FEASIBILITY STUDY ON PANDA HILL-CXX.AX, page-30

my issue is the upside is not so great so investors are not going to tie up their money in CXX for seven years waiting for it to mature to full production

the 4 year ramp up also means no dividends will be paid for those 4 years since debt must be repaid & $100M cash must be preserved for additional CAPEX

it is about alternative investments

on a PE ratio x 9, based on the BFS numbers, this could be a $1.50 stock in 7 years time.

but the earnings are price sensitive. if we drop the sales price to current $37/kg, it is a $1.05 stock in 7 years time

long time to wait

personally, i speculate the other partner might offer 35 cent to 40 cents in a takeover, which the board will recommend

regards