Hodgsop- you will need to allow for a discount factor to future cash flows at 8 or 10% and take away any balance payable to lenders (I trust the borrowing is on back of the mine and the resource as a collateral)
The value of ore still in ground will be different to spodumene price assumed.
The upside I guess is the resource upgrade from the drilling program.
I think the price of US$580 is very conservative especially for the next few years. given we already have a base in contract of $US550
Ann: Response to Speculation, page-771
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