ebitda, page-3

The annual depreciation charge will roughly approximate the $70m capex bill depreciated equally over the life of the asset.

Your number looks about right.

Cash is king for mining. However NPAT guides what dividend can be paid. I would suggest, however, that AVB will re-invest free cash in to mining capex, exploration and M&A rather than pay out a div for many years.

PS, EBITDA multiples are useful when gauging M&A potential for an operating mine.