npv$937m vs mkt cap $2m

based on 88.9mt from a total resource of 370.1mt....

key is the low capex & opex for their projects.

Kanzi

Project Financials (1Mtpa Phosphate rock concentrate) – 100%basis

§ Revenue US$180/t
§ Opex $50.8/t
§ Capex US $106m
§ NPV $626M (pre-tax@10%discount)
§ IRR 58% (pre-tax)


Cacata

Project Financials (800ktpa Phosphate Rock Concentrate) – 100% basis

§ Revenue US$180/t
§ Opex $54.4/t
§ Capex US$157.1m
§ NPV $311M (@10%discount)
§ IRR 40.2% (pre-tax)

Further upside from ...

Chivovo 6.7mt
Mongo Tando 117.7mt
Chibute 150.0mt

Total NPV on a 100% basis could be over $3000m ($3 billion)

http://www.minbos.com/assets/documents/presentations/mnb-marketing-presentation-may-2013.pdf

last broker update...

target $0.66

sp $0.015

http://www.minbos.com/assets/documents/mediaresearch/iirreportapril2013.pdf

Market cap is just plain crazy..

in for a few