rio tinto on the prowl, page-23

Jojo

I've compiled a comprehensive spreadsheet on PNA & have updated it for the fall in the $US.

I still conservatively get FY09 eps of 12.8* (based on current Cu, Au & Ag prices) meaning a P/E of 4.4*.

I also get NPAT of $A185m* for FY09 & have profit assumptions thru to 2014.

* Based on current commodity prices, & FX rates

I'm very interested in the detail of all the costs, gross margins & overheads etc to fine tune my analysis.