magnetite, page-53

Just going back over that vid on the Cudeco website, I reckon I'm pretty spot on with my estimate of profit over the intial 4 years except that they reckon that first four years of mining will be pulling out copper that is HIGHER than the average of 2.05% copper that is in the JORC.

IMO there is a real posibility that the ore will be more like 2.4% copper average which would give a gross profit of about $405m per annum.

For a $765m market cap company, that is enormous.

The drilling was done half with RC and half with diamond drill.

The RC results were consistantly about 35% less copper than the diamond drill results due to the nuggety copper not going up the RC drill.

So 50% of 35% is 17.5%

17.5% of my previous estimate of $345m gross profit per annum is $60m.

$345m plus $60m = $405m