It would make an interesting tie-up. Let's say we value combined company at $400m. Capital needs would be say $80-100m for plant refurb, exploration and development for BGL. So let's call it a $500m company.
If you blended ore at say a 75/25 ratio (Existing EAR to BGL ore) you would have average head grade of ~ 4.4g/t
2Mtpa x 4.4/31.1 x 90% (recoveries) = 250koz p.a with an initial LOM of 7 years.
Assume AISC of $1,100 and AUD gold of $1,800. That gives EBITDA of $175m p.a.
Makes a pretty compelling case IMO. Especially with how much that LOM could be increased.
Buyout?, page-6
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$1.27 |
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