negativity is baseless!, page-28

Says revenue for 2012 will be $156mill compared to last year 62 mill, so double the sales this year is expected

Longer-term upside is significant. While we believe the longer-term upside is significant given the EBITDA ramp-up potential, we continue to monitor resolution of macro issues (infrastructure, regulatory) as well as successful/timely execution on the two upcoming mining projects.

FYE Jun 2010A 2011E 2012E
EPS $(0.01) $(0.01) $0.01
EBITDA (mn) $(15.1) $(5.0) $52.4
Revenue(mn) $0.0 $62.6 $156.0
P/E NM NM 4.0x
EV/EBITDA NM NM 2.4x