Ann: Namibian Phosphate Joint Venure Progress , page-11

re: Ann: MAK: Namibian Phosphate Joint Venure... I like your commitment for the duration Agent and therefore to a long life - if Sandpiper's a goer then it will probably have a greater than 100 year mine life. I reckon I'd like to join you at the 100th year celebration. :)

Ok I jest but it does raise some interesting questions. 2.5 billion shares on issue after current raising. Lets say that gets to 4 billion shares by the time Sandpiper's in production. On current analysis Sandpiper will earn UCL shareholders at least 1 cent per share net pa with 4 bill shares. What sort of pe multiple is fair for a 100 year mining operation? 5/10/15?