Novac no one in their right mind uses PE multiples to value a mining company - yet so many here on HC keep trying to do so.
The beauty of mining companies is that projects are typically of a finite duration - you know how much it will cost to generate cashflow, you can forecast the annual cashflow for, in this case 15 years, deduct PV of rehabilitation costs and start-up capital and you end up with PV of the project and by definition the Company.
Novac no one in their right mind uses PE multiples to value a...
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