But Mac B based their mid 9s valuation on a forecast spot of $1,100 us per oz for pd not whatever the price was back then when the research was released.
They also assumed 500 mill to build a mine treating 8 million tonnes of ore per year , producing 340,000 oz of pd per year and a 12 year mine life.That was then now we all realise the probability is the mine and resource will be bigger with a longer mine life.
Macquarie valuations, page-6
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