Hi PloughI think you've got your calculations wrong-no fault of...

Hi Plough

I think you've got your calculations wrong-no fault of your since the data is a bit misleading:

to quote from the investors' presentation released yeaterday 18/8/09:

The project concept is for a mining and processing operation with a production capacity of approximately 220,000 metric tonne units of tungsten "concentrate" per annum

Tungsten ore "concentrates" have continued to rise, to around $US144 - 153 per metric tonne unit in China.

end of quote

Therefore on my calculations, on a per annum basis:
the revenue from selling 220,000 metric tonnes @say $150per metric tonne of concentrate=$33,000,000 ie $33 million per annum .

I hope this is the correct interpretation of what thefigures mean in terms of annual revenue. (of course costs etc have to be subtrated to work out any net profit)


Note they said: resource upgrade is due by the end of August and pre-feasibility study is expected to be completed by the second calendar half of 2009;they expect to be mining towards the end of 2010;

So it won't belong before we get the next big announcement which should be very positve for investors.

regards
Birdseye