General discussion, page-898

Yes at the present 60.5c their market cap is 1.95b
using back of the envelope round numbers

For their 51% ownership that values Manono at $4b

Their NPV was US$2.35b compared to our US$1.2b (both using similar outdated SC6 prices)
Based on NPV Goulamina should be $2b - about half of the markets Manono valuation.
Our 40% thus $800m

But Goulamina is further advanced, shovel ready & fully financed.
AVZ still have to finance their project which will lead to dilution.
The Congo Govt owns 25%, and just as the Mali Govt doesn't contribute to capex, neither will the DRC.

So really Leo's valuation should be well north of $800m based on AVZ's present valuation.
I know it's not comparing apples to apples, but the closest we've got.