make that $10.5m EBITDA - times 12 times 5 is over $600m market cap, page-12

EBITDA multiples rather than P/E multiples are much lower. 6 is probably towards the top of the range for a mining company.

The $10.5m of EBITDA I don't think includes Corporate costs, which will amount to around $1.5m / month. Also the EBITDA for SA is on a 10o% ownership basis. Its more like:

BA - $7.0m
SA - $1.75m
Corporate - ($1.5m)
Total - $7.25m

On an annualised basis = $87m at a multiple of 5 gives EV of $435m less $200m of debt gives market cap circa $235m. Still a lot higher than current and I expect thats a discount due to the very close end date of the bonds.

I'm more disappointed that the EBITDA margin in SA is still so low. I still think TER have changed the model that was working so well for UNV and ultimately stuffed it up, hence the deconsolidation, followed very quickly by the reconsolidation.