The copper price is certainly the main variable at this stage of...

The copper price is certainly the main variable at this stage of the development. But things are looking good on that front.

There is also $209m of carried forward losses so no tax will have to be paid on the next $209m of profit. The $60m of associated tax benefit will be recognised and will flow through the profit and Loss account and turn EBT into NPAT. Which should make the P/E ratio look really good.

On top of that we are sitting on $21.3M of franking credits so its going to be possible to distribute $49.7 m fully franked dividends grossed up to $71m thats 14c a share (if all the bonds are converted) pre tax for all those lucky folks with tax free super funds.

Being able to buy into that for 8.6c seems too good to be true.