At 0,5 mio/year operation I see no potential, first they need...

At 0,5 mio/year operation I see no potential,  first they need min. a 2,0 mio/year operation and the higher resource base.

Yes ABX is 1,5 year ahead but MMI looks much better cause of the better cost structure.

	Column 1	Column 2
0	Australien Bauxite
1
2	Bx = US$/t CIF China	65
3	Discount for low content	-5%
4	Bx = US$/t CIF China effectiv	61,8
5	AUD /USD (long term plan)	0,81
6	CIF China in AUD/t	76,2
7	Shipping to china in AUD/t	-25,3
8	FOB price in aud/t	50,9
9	Royalties in aud/t	-0,5
10	effictive price sales price aud/t	50,4
11	operational costs aud/t	-32,0
12	operational magin in aud/t	18,4
13	---------------------------------------------------------	--------------------------------
14	Sales in MioT/Year	0,5
15	---------------------------------------------------------	--------------------------------
16	Gross Profit in mio aud/year	9,2
17	interest in mio aud (at 0%)	0,0
18	depreciation in mio aud (at 10 year amortization period)	-0,6
19	EBT in mio aud	8,6
20	TAX (34,8%)	-3,0
21	Profit /year in mio aud	5,6
22	multiplier (cause of little resource)	3,0
23	Total value company	17
24
25	JV	50%
26	Total value ABX	8,4
27
28
29
30	Capex in Mio AUD	6
31	borrowing capital in Mio AUD (100%)	6,0
32	new own capital in Mio AUD (0%)	0,0
33
34	Issue price new shares beginning 2016 in audcent	30,0
35
36	Shares old	140
37	Shares new	-
38	Shares total	140
39
40	Value in mio aud	8
41	Shares total in mio	140
42	Price Target in aud	0,06
43
44	actual price in aud	0,32
45	potential	-81%