pe of 1 moving to a pe of 0.5, page-2

Yes I agree with your numbers, I did mine the other day and roughly the same number came through. One difference was, as far as I was aware their production forecast was for 1mt in 2012/13 for their first full year of production, ramping up to 2Mt by 2014/15, where does it say they are targeting 4Mt pa?

Their two biggest current risks at the moment are environmental licence and the capital raising. Once these hurdles are overcome it will in turn make the stock appeal to a wider range of investors, open to M&A's, NZ super funds and the like.

Also looking at the numbers once production starts 2011/2012, then applying a reasonable p/e ... well do the math on that !!!