I've estimated the NPV of the royalty to be worth
Approx $518m @ 12% discount rate
Approx $456m @ 13% discount rate
Approx $357m @ 15% discount rate
These assume starting production of 2m tonnes in 2015, ramping up to 60m tonnes in 2020
Obviously the royalties become much more valuable as time goes on. In a year's time assuming all remains the same, the NPV at 12% would be $580m
adani enterprises , page-6
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