damn good , page-14

HT,

NPV of $353m or 38c per share based on 10% discount rate and a Cu price of $3 after the present hedging unwinds.(Cu is presently around $3.43)

Even if you want to be more conservative and use a 12% discount rate, the NPV is $238m or 30c per share.

At around 20c SP, the market is applying a discount rate of 17%!

The optimist in me suggests that once we get through the commissioning phase where all bottlenecks/problems are eliminated and we implement the bigger plant capacity options, then a discount rate of 10% (in this lower interest rate environment) is not unrealistic...giving a NPV of $350m or 38 cents a share.

When I gave my prediction earlier of what HGO could do price wise, I am giving a generous allowance to valuing Birds Head based purely on the interest factor of the majors. At the very least, I figure there's a $25m "pack up and P.O." cheque for a combined Sumba and West Papua.

Caveat: Good manners requires that I disclose neither my age nor income, but I am comfortable with both and the missus calls me "Mr Terrific", not "Mr Has-Been"!!!