"surlypick on thisgbg share of karara ebita approx $480m based...

"surly

pick on this

gbg share of karara ebita approx $480m based on 16mtpa, $140/t ore price.

$480 ebita x 12 pe = $5.8b mkt cap = sp $4.80"

Kenso,

Last cost I saw was $68 per tonne so close enough for me to make sense of your numbers.

Try this instead:

FMG Market cap $14.5B and approx 50mtpa

GBG/Karrara at 16mtpa ~$4.6B market cap = $4.18/2 = $2.09 then adjust up or down for added cost of production versus premium price.

All that said I would be happy with $1.40 right now.

cheers
Surly