Some back of the envelope calcs
Goulamina:(Spot price - AISC) * annual concentrate production
= (US$1250/t - US$313.40/t) * 436,000 tpa= US$408 million pa= AU$553 million pa
SpinCo with 40-45% ownership = AU$221-249 million pa
Doesn't consider the formula used to calculate Ganfeng contract price. Numbers from the DFSDon't forget the gold