accumulate to dividend, page-11

SJ why don't you take a lead from what the company says about production?

ie 1.5mtpa by 2015 with capex from memory of around $600M.

Then on a margin of say $500-$175=$325/t that is near $0.5Bpa EBIT per annum, and NPAT of say $300M pa allowing for the 93% project share, tax etc. That would indicate a steady state value in production of around $2.4B on a PE of 8 say.

The low capex required is the clincher IMO and is what distinguishes this project from the usual deeper mines.

I'd be interested in the extraction rate as well, as it seems from a post DDzx made that a rate of up to 75% may be possible rather than the 35% that anatol is factoring in.