spoke to pl just now

finally anouncment is out and i called Peter (tried few times ) and finally spoke to him ( will charge my time and phone calls to you HC guys)

few points from him:

1. JV will be out in 3 weeks, stongly expected
2. Capex of $650mln is NOT only for Marensky Reef , it will cover 75% of UG2 + 70% of Heopantz + 70% of De Kom
3. It will be staged approach , next mine up in 6-7 years(UG2)
4. Capex on the ground will be used for UG2+Heopantz+DeKom
( Concentrator + Pland Set up > accoun for over majority of CAPEX


so, plug numbers to excell ( i did this following conservatevely) and got IRR of over 31% , mine life 43 year and NPV 3.8bln for Marensky Reef+UG2+Heopantz+DeKom

start year Capex
2 Marensky Reef 640,000
7 UG2 200,000
10 Hoepaktz 200,000
13 De Kom 200,000


Remember STAGED approach

DRA would not waste time and money if JV will not be ready