well what a week, page-4

Schnuckel,

starting point for estimated revenues is way conservative apart from uranium

REO current price 15A$/kg (12.85A$ 2012/3 assumption)
Phosacid current price min. 555A$/t (444A$/t assumption)
CaCl2 current price 265A$/t (111A$/t assumption)
U3O8 current price 87A$/lb (111A$/lb assumption)

At the given quantities:

518mA$ rev. at current prices
410mA$ rev. at 2012/3 estimated conservative prices

+108mA$ in opCF which allows a 4-5years payback at conservatively estimated costs.

If you use this prices for the first year in 2012 and use the same costs of 360mA$ for the starting point and escalate both - rev and costs at 3% p.a. you'll get a NPV of 1.1 bln$ at 750mA$ capex.

So I don't know what you're actually talking about?

Lenni

PS: Schnuckel used to be a very big shareholder in ARU but sold 80% of his holdings this week ...