Ann: Phu Kham March quarter cost and EBITDA perfo, page-18

re: Ann: Phu Kham March quarter cost and EBIT... Elroy, IMO your calculation is too simple:

"US$33.3 M is over 3 months = one quarter, 4 quarters in 12 months, so US33.3 m x 4 = US$133.2 m of Phu Kham production."


From the PNA announcement (15 April), it stated that Phu Kham contributes to EBITDA of 33.3 M, with the production for the quarter as following:

51,644t of concentrate containing:
- 13,150t of Copper
- 10,446 oz Gold
- 87,022 oz Silver

And the EBITDA of 33.3 M is correct with the above figures.

Now they stated in this report that the operation remains on track to achieve the production target for 2009 of more than:
- 65,000t of copper
- 65,000 oz to 75,000 oz of Gold and
- 400,000oz to 600,000 oz of Silver.

Now assume that they come up within a year with:
- 75,000 tonnes cop
- 70,000 oz gld
- 600,000 oz Slvr,

The annual EBITDA would be around US$ 385 m using the following spot price:

- US$ 2.00/lb for copper
- US$ 700 / oz gold and
- US$ 10 / oz Slvr


DYOR