ik negotiations, page-46

ff - the issue with the BM project is the timeframes (long-term - BFS end of 2015) and the scarce details from the scoping study IMO. That's why people aren't buying on it now.

$2bn capital cost (no idea on the break-up of that). So $1bn from Mantle? I'm assuming farm-ins and the like would happen closer to the date so we might only end up with 5-10% of the final project. But even 10% is worth ~$38m/year in net cashflow (a $1.4Bn NPV equates to an estimated $375m/year in net cashflows).

Also people will question whether it actually goes ahead - greenie groups, licences, change of governments etc etc. All risks to the project at this early stage. Lots can happen between now and 2016.

But you can rest assured that if it does happen, MNM's MC should be well north of $14m, even if it only ends up with 5% of the project.