Potential Takeover Offer Price, page-59

Think risk here has substantially reduced now. Legal, geological and financial - we have moved forward on all fronts in the past few months. As for valuation (US$260m for 100%) it has now corrected to more reasonable levels and froth has reduced substantially. Needless to say, this asset will likely have an NPV in excess of $2Bn so at current valuation of 10-15% of that NPV, we still have quite some run left. It's a buy here and I am adding again.