Assuming $26kg revenue and $18kg phase 1 costs...
Admin,interest is 17% of costs of thereabout ($198m) and $35m) so need to add $3.06 (say $3) to costs.
$26 - $21 = $5kg gross profit
11,000T x $5kg = $55m gross profit
SP therefore is currently at a PE of around 15 based on phase 1 income estimates.
Agree?
