Ann: Results of Annual General Meeting , page-62

Recently copper was consistently trading at $10,000-$12,000 per tonne. Currently copper is trading just under $8000 per tonne with projections for it to rise again as fundamental shortages in supply kick in.

A simple set of sums to highlight the possible returns on AVB share holdings, all conjecture of course but based on realistic estimates and then add your own calculation on the probability of these targets being met and timeframes:
Copper costs of production $3000/tonne
Sale Price $8000/tonne
Gross profit to AVB $5000/tonne
Gross profit at 50,000 tonnes/annum = $250,000,000
Gross income per annum per share fully diluted = $0.25

Of course taxation, corporate costs, royalties all have to be deducted from the above figure and it may take some time for a 50,000 tonne target to be achieved but for the long term investor this is IMO an outstanding opportunity. Allowing say 40% for these additional costs will still leave profit of 15c per share on a PE of 10 future share value $1.50?. Not sure whether there is a tax treaty with Brazil and franking would be added? These targets are obviously after a full mine development...not Monday morning but good food for thought and one end of the spectrum, the other end of the spectrum is a Europe collapse and we are all in deep dodo.

Macro issues and the nature of the market will leave many believing they can trade their way to a more attractive entry price (and they may well be right) so the share price may not "bolt" up but providing management is sound (indications are positive) nothing will ultimately deprive the company of a lucrative future. The ground they own also holds potential for further significant resource upgrades. IMO all risks medium term are to the upside:)

Have a good weekend.