stunning calculations !, page-27

Andrew- thus the calculation discount applied... It will be hard to find a winner to bet this one I feel.

>>Sorry Jay, what is they will be earning 60mill by 2012 based on? The Alcoa deal is not in concrete yet. That was my point.<<

8.6Mil Profit Aussie pa

52 Mil Profit US pa

By 2012- conservative slag processing PROFIT = 60.6M pa

Now the US deal is a good as done and many other interested parties... the Aussie deals with Alcoa and Simms is done and dusted.

Now I do not price the 52M US profit at full value YET... discount 70%. Between Aussie and US contracts I apply PE=5 to 60 Mil pa on base income... naturally we should figure in some value for further growth.

BUT for simplicity lets make it on base income and forget the other value assets. Plus worldwide rollout- as nothing in concrete. Yet gets closer every single day- Alcoa worldwide, other Alu worldwide deals... that the beauty of this play- many options to expand worldwide.

Forward PE=5 MC=300M ST- NOW- IMO. Not selling before.

What pricing have others got....???