AGO currently sells 5M MT going to 10M MT next year. margin...

AGO currently sells 5M MT going to 10M MT next year. margin currently around $40. NPAT $200M less impairment costs and Development costs. Obviously with 2015 price around $80/MT things are not pretty. However Amortisation can be no more than 50M - $100M per year. These are long term projects. On 7x earnings of $150M you are looking at $1B. when you have 10M being exported that is 2B + upside on future reserves. I think schroders are just selling out and after that we should see move upward.