adani, linc and india - linc valuation, page-11

The mine may well not be up and running in 2014 however I would expect it to be getting to the end of any required approvals in 24 months time.

The closer the mine gets to production, the more valuable the royalty is as a standalone asset. Adani at any point could step in and pay Linc out.

I would not discount Adani's efforts to get the mines up. You only need look at the magnetite operations in WA which the Chinese have poured billions into... they will get that up no matter the cost (or the economics).

It's easy to be bearish in this environment but it could all turn fast. In a bull market, your 7-10 year call would be pessimistic to say the least.