economics 101 scratch calculation, page-8

geo,

That management risk of yours is one of the risks that punters do take into account in working out their discount to NPV to arrive at a potential shareprice.

Certainly the major risk is that of achieving the funding needed for mining.

Its not unusual for the NPV to be discounted to 50% and that would take the $2.51 NPV back to about where the Fosters number came in at.