yeah sorry about my last post, I didn't really have time to...

yeah sorry about my last post, I didn't really have time to write a detailed explanation of why I pulled that figure out. Here is some info:

	Column 1	Column 2
0	tons per annum 2440 @ 40,000 per ton	97,600,000.00
1	aisc per ton, per annum	28,792,000.00
2	total profit	68,808,000.00
3	net profit (30% tax rate)	48,165,600.00
4	earnings per share	0.26
5	estimate of instrinsic value, using average pe ratio 10 as per industry averages	2.60
6	total market cap instrinsic value	481,991,192.00
7	less capex	100,000,000.00
8		382,000,000.00
9	per share	2.06

Now this is US dollars, therefore: $531,759,662 estimated market cap, or $2.87 per share.

This is very conservative, with a high margin of safety:
*ELT have quoted 52mill capex. I have used $100m, to allow for budget overruns.
*As per dec 3rd announcement, annual tonnage may increase.
*No value has been put on the cleveland project! This is a very large margin of safety. The cleveland project is very viable at current Sn prices, just not as advanced in project.
*PE used is 10. Mr Market will ultimately decide this, higher is a possibility, as well as lower.
*I have used total diluted shares, including all options/performance rights. I haven't included the cash injection from exercise of such options.
*And don't forget... ELT have ZERO debt.
*But obviously most importantly... I have used $40,000USD per ton. Current price is 43955 (3mnth contract, LME). Where to from here? Likely upwards over 50K, but no one knows the answer to this.