valuations again!, page-3

gs,

Thanks for that but my question is more about the application of the recovery factor.

Is the figure of $15 or $20 in the ground arrived at by multiplication of say $40 residual value after production costs multiplied by a recovery factor.

i.e 40 x 0.3 = $12.

Or does the recovery factor need to be applied to the lower figure i.e.

$12 x 0.3 = $4 (ish).

Nido has just posted a presentation using the latter method. If this is the case I'm struggling with the previously posted 'ITC is worth 8-10 cps sentiment'

all help gratefully recieved.

OM