copper now $1.23c/lb($2,700+)/t, page-44

re: my calculations for anvil Redapplecart said: "Back to Anvil, the mine has roughly 8 years in it, and the rest, though promising is only speculative. So valuing Anvil on PEs is pointless. You have to look at the value of what is in the ground minus the cost of getting it out , then discount the figure you come up with by the rate of return that you expect to get over the life of the mine, which for somewhere like the DRC should be 20%pa"

First of all there are many financial models that can be used to value a company, ALL require assumptions.

A PE is a snapshot in time, it is based on factual, observable data. It gives no value to assets, reserves, resources, maybes, probablies or could be's. It is a conservative method of valuation as it focuses only on cash generated.

8 years is more than ample minelife. I'm only looking 1 year ahead.

A PE is far from pointless, it shows the ratio of ACTUAL earnings compared to market cap. I for one want to know how much CASH is generated after all production expenses have been realised. It is a here and now valuation. CASH is king. CASH and reinvestment keeps a company going and growing, furthermore it gives an indication of future dividends.

A Net Present Value calc takes into account everything, assets, reserves, resources and applies a whole string of assumptions. Sure it's useful but it's hardly the only way to value a company, maybe if I was considering buying the entire thing. A company can have a great NPV and not actually be mining anything.

Anyway, enough of this it's getting boring. Do your own sums in whatever manner please you, I'm happy with mine.