next leg up?, page-14

Hey Barrier3, it's 5.30am in the UK but you asked for it. These are my guestimates, as always you should do your own numbers.

This is what the model generates at US$173/t:

Fe 62% US$173/t
AUD 0.76
Cash Cost US$60/t
First Full Year production 1.33mt Year 2
Dividend payout 70% (with anything less than 70% the cash accumulation simply burns a hole in their pocket)
Share Price $0.073c

	Production		1.33mt
1	EBITDA		$182m
2	EBIT		$177m
3	NPAT		$132m
4	FCF		$130m
5	Div		$92.4m
6	Div CPS		$0.05
7	Yield		62%
8	Cash on hand	Post Div Year 2	$55m
9	Spec Div Year 6		$0.10
10	Spec Div Yield		140%

Regards

Pihrana