Ann: Nifty Reset Plan, page-36

All this is in Aussie dollars below.
If you have a look at the last two annual reports in the segment section, (FY18 pg 79, and FY17 pg 73), you can see that about $19.8m was shipping and refining expenses (and Cu price "slippage") out of $180.1m of Nifty revenues. You can work this out because they changed their definition of segment revenue in FY 18. They sold 24,828 t at an average Cu price of $7168 (I get AUD $7,253). The shipping and refining etc cost $800 per t, if the timing doesn't mismatch. In the FY 18 report on page 12 the cost (diff between realised Cu price and copper price) is $779 in FY18, and $713 in FY17. I'm not sure if the transport or price slippage was included in that figure - probably not I suspect. So I take the $800 - add inflation to 832.

Anyway - my Nifty numbers. Obviously based on todays Cu price. They seem impressive to me. I doubt there will be any company tax payable on this for quite a while. I think these numbers would be great if they happened.

	Column 1	Column 2	Column 3	Column 4	Column 5
0	My Nifty numbers	year 1	year 2	year 3
1	Cu price USD	6395	6395	6395
2	Cu price AUD	9007	9007	9007
3	Cu price realised post ship and refining	8175	8175	8175	at 832 per t costs
4	AISC	7450	6750	6650
5	margin after AISC $	725	1425	1525
6	production (t in conc)	26500	33700	34700
7	"AISC earnings" $m AUD (prod x margin)	19.2	48.0	52.9
8	Project capex	17.6	5.3	4.1
9	regional exploration	2	7	7
10	FCF $m	-0.4	35.7	41.8

I think it is a good plan - they just have to do it obviously.