Jason, that's why I ended my analysis of Mt Weld's value where I did with '$28 bn but of course that's over 20 years.... '.
I had done a back of envelope estimate along the lines you suggested and got a value (very rough) of about $3bn.
Assuming Patterson's profit estimate for FY 2015-16 is about right @ $600m pa (maybe optomistic) and discounting forward earnings by 20% per year (a bit harsh) and noting that the 'depreciation factor' is 0.8 the value is
$600m x (1 + 0.8 + 0.8x0.8 + ...) giving a bit under $3bn.
paterson's latest lyc report, page-46
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