Hi Lefevre,
Keep in mind the exercise merely assumes February 13 results for 12 months. The real deal is the target of 36,400 tonnes. On that basis model (keeping C1 @ $2/lb) spits out NPAT ~$147M ($25M additional CAPEX interest included)- at 50,000 tonnes NPAT ~$219M (further $50M additional CAPEX interest included - but not factoring in additional labour).
However I agree that if operations matured to those levels PE might be less than 10. Then again depends what else is going on.
Some weight to mine life (Boseto - 20 years), stage in cycle of CAPEX and country of operation also considered overall. Simple PE approach is merely one way of looking in for snap. Sorry but I still think 10 is okay for now.
All speculative. DYOR
Sachmo
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