Think you’ve got depreciation and other non cash inventory figures in those numbers. Actual cash generated for 50% stake was $23m (rev $85m less cash costs $62m) or $19m after the $4m spent on project capex (mainly ore sorter). Now yes that was at higher tin prices but it was also mining 1.2% grade and processing 1.3% grade. I think the improvement in grade as they start stoping area 5 (4.5mt @ 1.91%sn) will show through the numbers in H2.. forward looking not backward.
If Renison is spinning $36m pa in cash and growing (higher grades to come) - what’s it worth?
Ann: Nifty Copper Operations Update, page-108
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