gbg potential sp projections, page-3

OPEX = $AU68I believe

Pricing based on contract price, not spot. So its less than $150p/t. Say $140p/t then add 10% premium for Karara = $US154 p/t. AUD @ 1.04 = $148.

4 (gbg's share) x ($148-68) = 320m pa EBIT

Note this doesn't include MRRT, or royalities either.

Interest exp would be around 40m for GBG, probably more due to Working cap facility.

Above doesn't include 1mtpa DSO as well.

I'd say net of Int, MRRT & Income Tax, we would have NPAT of around 200-220m AUD

I'd say we would be lucky to break 2.5 billion market cap on a 10-11 PE unless of course expansion plans are a reality. Note we will not have this NPAT of 200m or so until YE 2014 as well. But we should have more of an idea of expansion plans then.

Aim for $1-$1.2 by Dec 2012 if all is well. Potentially $1.80ish-$2 if Iron ore is bullish and we have expansion plans by Dec 2013.

Dilution has been a $%#@ to say the least.

*Note above based on 1.25 billion shares on issue. This will change if the FOREX blowout is covered by equity.