Yes at least the total issue will remain off-market.
Very important to remember that we still have Dikulushi underground, Mutoshi and the possibility/probability of Kinsevere Stage 111 that doubles production to 120ktpa but we'll try to value Kinsevere at 60ktpa assuming Cu price at $2.75/lb and operating costs(inc rent/royalties)of $1.05/lb gives us:
Annual revenue $365mil
Operating costs $140mil
Interest paid $10mil
Corporate tax $45mil
Minority interest $10mil
Giving us positive cashflow of $160mil/pa
PE ration of 5:$800mil divided by 160mil shares/warrants means $US5.00/share.
Valuations do come down dramatically when you increase the number of shares from 70mil last year to 160mil.
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