bulk test announcement thread, page-46

Assuming the first 3-4 years production is 3Mtpa at 4% CuEq

3Mt x 4.0% = 120,000t CuEq

Assume CuEq recovery 90%
90% x 120,000 = 108000t

Revenue

Assume copper price of $9000
108000 x $9000 = $972M

Apply 20% discount for Oceanwide offtake
80% x $972M = $778M

Mining/processing costs = $17.5/t (see report 1/2/11)
3Mt x $17.5 = $52.5M

Say $20M other expenses
$778M - $52.5M - $20M = $705M

Subtract 30% tax and 2.5% royalties (will be less in early years)
$705M x 0.675 = $475M

Assume fully funded by 200M shares on issue at the time of production:
$475M / 200M shares => $2.38 earnings per share.