ev $1.46 per share !!!, page-47

Kissie

I would strongly suggest you get your facts right rather than simply quoting Proactive Investors

the recent IBG presentation appears to have many errors or questionable matters in it, it would lead to any astute investor raising serious questions

the questionable aspects of it are:

1. the lead production of 48,045 tpa

2. the capital payback period of 18 months

3. the assumptions of US$0.835/ pound zinc, US$0.905/ pound lead

I will answer these for you:

1. the study proposes 3.3Mtpa throughput with 83% zinc recovery from memory. 3.3Mtpa x 0.65% lead grade = 21,450MTpa of lead x 83% recovery = 17,800tpa of lead

2. capital payback of 18 months means EBITDA of at least $300M pa (not including tax)

3. assumptions of US$0.835/ pound zinc, US$0.905/ pound lead with stated: "Operating Cost US$0.68/lb Zn (Payable, Net of by-product credits, Years 1-5, Smelter fees additional US$0.22/lb Zn)" means EBITDA of nothing

ddzx has their facts right. get used to it

regards