Kev, given you believe the NPV for the Agbaja project calculated by Kogi Iron is accurate, your comment "EBITDA far to early to use as a valuation accurately as they are not yet producing" is ridiculous.
The numbers used to calculate EBITDA are the exact same numbers used in the first part of the NPV analysis. So, if it is "far to (sic) early .." to calculate the EBITDA line, it is far too early to rely on the NPV. You can't have it both ways.
From my perspective, it is never too early to run numbers because when you do you expose a project's potential strengths and weaknesses before you are overly committed. If you leave it too late in the day - as the Kogi Iron board appears to have done (in my opinion) - you might find out your project is a dud and that you have just wasted a whole lot of time and money.
Kev, given you believe the NPV for the Agbaja project calculated...
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