most interesting trading day for ccc today, page-26

For completeness I seemed to have neglected responding to
andrew a's "Masawu holds 24% of CCLSA"

Yes indeed.

So if one was to assume 1.74Mtpa is the max production achieved over 2011-2020 and all the projects on a a pro rata basis for each of Vlakvarkfontein 60%, Project X 70%, Vaalbank 75%, Vlakplaats 100%, Canyon Springs 100%, Lemoenfontein 50%

You'd get:

NPV $228M
NPV/S 0.13


However, this is not the game and would imply something drastically going wrong with each of the individual projects. I stand by my conservative and gradual scaling-up to an equivalent share of 3.6mtpa by 2020. This is in fact way too conservative IMHO.