1. Cost for GMC is $793 US/t 2. Each smelter produces 20k/t/pa =...

1. Cost for GMC is $793 US/t
2. Each smelter produces 20k/t/pa = 40,000 tonnes p.a from two smelters
3. So using these figures, which can be easily found in GMC's announcements - and the current Manganese price of $1800US/t, as I have done above, but instead using a PE of 6 would give ~$315m MC, again factoring almost 40% dilution from 2c CR, gives an SP of 11.5c.

Short term pain ahead but production inside a year could see massive returns for all holders.