I take a different view. Since we already owned those processing facilities prior to this rolling 12-month analysis and (from memory) we haven't increased our mineral reserves during that time, I'd say the those two value elements don't even out at all. They don't even factor into the equation.
Why?
Because 12 months ago we held those same assets (processing facilities and mineral reserves) without the impost of an additional 21% dilution (and counting) to our capital base.
Ann: Appendix 3B, page-35
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