fair value for AGO, page-47

Samboy I am a bit mystified with your calculations.
The following calculations are what I believe 2H17 would look like.
80/0.77=104 x0.73=$76 - $52.3 = $23.70 per wmt x 6.5mpta = 154m cashflow for this half.
I have used 73 per cent average of the 62 Platts CFR price of 80 usd.
This includes hedging, without hedging it would be 77 per cent.
Let's not forget that Wodgina and Abydos will cease production this year and production rates will fall,
before rates stabilize mid next year at 12mtpa.
I am still on the fence with this stock whether it is a hold or buy of course the spot price is key, but looking
forward the two future mines MtWebber ( 7mtpa ) and Corunna Downs ( 5mpta ) are short mine life 6 years.
That might be the reason why AGO has a market cap of 350 not 700.
Mcphee Creek is another mine that might come in production later on but who knows. Is there any info on this mine.
Atlas needs to have a presentation to let us know about it's future. Last presentation was 20 months ago June 2015, and let as know about it's current hedging.
Lastly I have noticed in their report Page 9, the reserves have fallen from 498,300,000 to 77,200,000 in one year. Can anyone share some light on this?
Good luck to all holders and future holders as well.