Actually they only own 50% of the CMSC...so their share of proposed production is about 235 ktpa. DNK's current diluted market cap is about $190m for their 50% share which is an indication of what an Australian project can expect valuation wise post DFS and pre financing (CMSC is still trying to get finance) for a circa 235 ktpa sop operation. Probably more though given there is less sovereign risk and Australia has closer routes to Asia.
Ann: Expiration of Unlisted Options, page-31
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