2011-2015CapEx - $600m (amortisation charge on the plant over 50...

2011-2015
CapEx - $600m (amortisation charge on the plant over 50 years LOM = $12m p/a a nice low figure to keep company very profitable.
As you say Denpal low CapEx added to this is long life of mine to keep amortisation charge low keeps ELM in lower cost quartile - the absolute clincher.
2015 (first year of production)
Operating Plant
1.5mt p/a @ profit of $500m is a very good first year.

I assume the ramp up in tonnes would take till 2020 to get to around 5mt p/a then my highly optimistic schedule in previous post would start applying.

I hope BHP/RIO/Vale save us all the time and do themselves a favour with a bidding war! :P

Denpal - market cap of $2.6B on a conservative PE of 8 would make the share price about ?

I am realling thinking high teens on the ELM valuation.