Thanks Indefatigable for the information. It'd be nice if instos...

Thanks Indefatigable for the information. It'd be nice if instos of that calibre saw the value in CAP as well and jumped on board.

micky78, its a good question. As it stands, CAP has a 60% WI in Hawsons, and the above table is based on the current JV milestones that have been met.

However, in the event that CAP is free-carried, I'd like to point out what happens with the NPV of CAP's stake. Because CAP do not have the liability of CAPEX, we don't just take 20% of the $2.8B figure, because this is then assuming that CAP have to pay up 20% of the CAPEX figure. Instead we ignore the capital costs of the project (i.e. free carried) and then the NPV of the project is theoretically $5.6B. We then take 20% of THIS figure, not the quoted NPV from the PFS.

So in the event that the JV does end up staying together in one piece and CAP moves to a 20% WI, CAP's NPV in Hawsons is $1.1B. IRD's NPV in Central Eyre is also $1.1B.

Doesn't matter which way you look at it, its pretty clear which company is trading at a significant discount to the other.