Rough figures so please be patient guys.Cash backing of 4.4...

Rough figures so please be patient guys.

Cash backing of 4.4 cents per share after sale of maitland
Return on maitland post 1 million tonnes of ore processed based on 1.5% copper based on 50/50 split on costs to profit.
15kg per tonne based on 8k a tonne(conservative figure) = $120/tonne so 60/tonne profit to kagara and glengarry get $5 per tonne so about 8.5% return.


Kagara paid 6.5 million for the first million tonnes =
15000 tonnes copper which roughly is 60 million profit not taking into account set up costs which will be minimal in the scope of things.chase

Of course there is an odd couple of million floating about for drilling and associated costs so glengarry have pocketed about 4 million for the sale.

I would have been happier with a sale price equivalent to the market cap of ggy but a little humour is needed here.