show me the money ! how big is the dividend ?, page-15

GFM, what's so funny?

Let me clarify myself, and this time assume that instead of 60%, they have a sales contract for 100% of Rocklands.

1.2Mt of copper at Rocklands.

They plan to produce 0.2MT of copper a year, of which CDU has tied up a sales contract for 60%. However let us assume that they have a sales contract for 100%.

It was announced this week that they plan to make around $800/tonne margins before tax.

30% company tax.

$117M earnings each year, over a 6 year mine life, assuming 100% of the product is contracted to a purchaser.

CDU makes $702M 'cash' after tax over the life of Rocklands, and this is based on a few assumptions.

1. All the ore is recoverable.
2. Copper prices stay strong.
3. Cobalt, gold credits etc are accounted for.

CDU's market cap is currently $500M with $63M cash.

There's nothing fictitious about that...