redlion, RBS increased their capex forecast in JULY 2011 to $800m, the valuation for DZP alone was $2.62 and noted in relation to their capex increase:
However, due to
the high grade and long mine life of the DZP, such an increase does not impact the viability
of the project, based on our forecasts.
They happened to use a 30% discount rate to reflect the risks. so while 8% discount rate looks low for the DFS, even with a much higher discount rate the project still generates considerable value.
http://www.alkane.com.au/reports/broker-media/brokers/20110719.pdf
capex blowout, page-3
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