my future value $1.65 to $2.20 per share, page-2

Chooky I'm pretty hit and miss with realistic estimations of capex/opex etc, but I think your PE is probably right (but IMO may take a tad longer than 18 months to get there).

Probably a point to note is that while they have EOIs totalling 4mtpa it doesn't mean they will all come through, although I'm pretty positive if any fall by the wayside there will be more offers right behind them.

Obviously there would also be additional capex plant costs to get 4 mill tonnes through annually, although I would assume there are economies of scale to be had so the numbers for rate of return would get better and better.

The first thing we've got to find out is who keeps capping the share price in spite of all the good news.

PS: Can we have a measly 5c of that valuation by Friday? :-)