NST current market cap is $1,398M and their total operating EBIT for the year was $185.8M.
From the annual report NST operating EBIT for their 51% interest in Kundana was $71.7M - or 38.6%of total EBIT.
Therefore the 49% of operating EBIT owned by RND/TBR would be $69M.
The $69M as a percentage of the NST operating EBIT would be 37%.
37% of the current NST market cap adjusting for cash($167M) would be $456M.
Add in the gold held of $260M and value is at $716M
RND/TBR might loose points for not being diversified but the EKJV is the best mine NST have got.
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