Well done 8horse, beautiful presentation.
Agree with you that AVZ is undervalued and that country-specific risks are probably overstated given the big miners already invested and China’s willingness to invest in the region also.
Just wondering with regards to your EV/res. numbers, is there a time when the resource numbers are so stupendously large that it is misleading to include the total amount as we are moving maybe decades into the future before that resource would be touched. I notice CLQ for eg. calculate their NPV based on 20yrs mine life though they could operate for a further 9yrs(from memory) if required.
Anyway, I’d be interested to hear your thoughts on possible mine capacity and margins going forward. I’m sure these guys (or whoever buys the assets) will be bringing in many hundreds of millions of dollars on an annual basis in due time.
