andash , page-52

Paul,
Whilst I have used an 80% discount to NPV for Andash, my personal opinion is that Andash has a greater than 90% chance of proceeding with Kentor still the 80% owner.
I have used an 80% discount to be ultra conservative keeping in mind lots of investors believe Andash will never proceed.
I think the political risk is minimal. The Kumtor mine operated by the Canadian company Centerra has operated for years even through the revolution of 2010. The risk for Andash lies with the minority landowners, however, I strongly believe they will be forced to comply by the Govt.
I have said all along I expect a resolution AFTER the upcoming Presidential election. No-one is prepared to rock the boat prior to the election. My hope is that the current Deputy PM will become PM (while the current PM becomes President). Then we will see some definitive action.