annual report, page-28

sduncan

If we are talking 750k tonnes per annum then the scenerios are as follows:

A. 750,000 tonnes of high grade high quality Manganese multiplied by $80 profit per tonne equals $60 million profit. A Price Earnings Ratio at a super conservative 8 times and the equates to a 480 million market capitalisation.


B. 750,000 tonnes of high grade high quality Manganese multiplied by $120 profit per tonne equals $90 million profit. A Price Earnings Ratio at a super conservative 8 times and the equates to a 720 million market capitalisation.

C. 750,000 tonnes of high grade high quality Manganese multiplied by $160 profit per tonne equals $120 million profit. A Price Earnings Ratio at a super conservative 8 times and the equates to a 960 million market capitalisation.

D. 750,000 tonnes of high grade high quality Manganese multiplied by $200 profit per tonne equals $150 million profit. A Price Earnings Ratio at a super conservative 8 times and the equates to a 1.2 billion market capitalisation.

E. 750,000 tonnes of high grade high quality Manganese multiplied by $240 profit per tonne equals $180 million profit. A Price Earnings Ratio at a super conservative 8 times and the equates to a 1.44 billion market capitalisation.

Those scenerios blo my estimates out of the water. Mr Market must be sleeping.