i am going out on a limb, page-34

BB can you please give us a breakdown of how you get to your valuation of 50c per share?

50c puts the market cap of rau at over $300m. i recall previously that Mt C produced at approximately 1000t pa of W03. at current prices that is revenues of approx $25m. $25000/t or $250 MTU. even if cost came in at $100/mtu (which is very conservative) thats profits (before tax) of $15m. so to get to $300m mkt cap thats a PER of 20 which is very high IMO.

interested to know your thoughts.