Ann: Presentation - Mining Indaba 2014 , page-19

The way in which they've calculated their $3.50 SP estimate and MC of $10b is a tad dicey, IMO.

So, if we look at the peer with the lowest EBITDA multiple of earnings, Mount Gibson, they have a multiple of 2.5.

Therefore if we take the most conservative approach to the valuation and multiply our forecast EBITDA by 2.5 (the lowest peer), it still produces a very healthy MC of $4.5b which is still over $1 per share.

Very crude I know but it shows that at the very low end of the scale, we've got a cracker of a project.