Consider the calculations below the "worst-case" scenario. i.e...

Consider the calculations below the "worst-case" scenario.
i.e the actual mined grade is no better than stated in todays JORC.


First 10 years Production (using JORC figures)

30Mt @ 1.7% CuEq

=> 3Mtpa CuEq @ 1.7% for 10 years

3Mt x 1.7% = 51,000t CuEq

Revenue
51,000t x $9000/t = $459M

Mining/processing costs = $17.5/t (see report 1/2/11)
3Mt x 17.5 = $52.5M

Say $20M other expenses

$459M - $52.5M - $20M = $386M


Subtract 30% tax and 2.5% royalties
386M x 0.675 = $261M


$261M / 200M shares => $1.30 per share dividend

PE of 10 => $13.10 share-price