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That's assuming a IO price of US$55 - could be higher or lower but to me it appears conservative because 66% IO is getting around USD$10-12 more than 62% IO or in AUD around $16 per tonne. That's another $200 million AUD lom if the premiums stay where they are. (I think I am reading this correctly but I don't see where they have given an assumption on premium so I'm assuming they haven't priced it in - if I'm wrong please let me know)
They also say that US$65 will be 22 months which is the current price.
Also as Mac says there's still the chance of another 7 million tonnes to come.
I'm pretty happy with the numbers - if I'm right about the premium then I think they're being pretty conservative.
IMHO/GLTA
KI Update, page-36
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