Want some REAL back of the envalope calculations based on the current SP? Perdaman Energy are building a 2.7 billion dollar syngas to urea plant in WA at the moment. Based on the current-ish SP (15c), a 2.7bn plant would require the issue or raise of 18bn shares. 18bn shares plus the 0.5bn shares we currently have issued. 35bn project into 18.5bn shares is $1.90 per share. There are so many assumptions in this calculation it's virtually worthless, but it's a starting point. I mean, it doesn't even consider inflation.
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