anouncement out, page-17

If it's a 2 year payback of costs as has been mentioned, NPAT could be more than double what you say Vayama.

If we go with $50m NPAT in the first couple of years (as metals prices are weighted as being higher in the earlier years of production) and an equity raising at 50c (say 100m shares for $50m capital) further down the track with a debt facility of say $100m.

2011 will have the project in full production.

$50m NPAT at pe of 10 = $500m market cap.

330m shares on issue approximately = $1.50

No value given to Kuhmo project.



I think it's worth more than it's current value.