not too shabby eh!, page-38

For Clarity and because I left a line in that I meant to delete:

Mining and Processing costs: = $24.27 per tonne
(using 3:1 Strip ratio - 3tonnes Mined = 1 tonne Ore)

Number of tons: = 30 mt * 1.24% = 372,000 tonne of Copper
(using their CuEq Calc, which is out of date but acceptible for long term prices perhaps)

Revenue: @ say $AUS6,600 per tonne = $2,455,000,000 or $2.455 Billion
($A3 per lb - this is quite high for most long term planning - particularly the way the Aussie dollar is going)

Costs 1: Mining and Processing @ $24.27 per tonne = $728,100,000

Costs 2: Admin/exloration @ say $10 mill per year = $100,000,000

Costs 3. Financing/Infrastructure/Transport = $500,000,000
(You have to finance the mill somehow - you can do it with equity if you like - I think the EPS would not change much)

Cost 4 Royalties 2.5% * $2.455Billion = $61,380,000

Gross Profit = $1.065 Billion

Net After Tax : = $746,000,000 or $746Mill Billion


Assuming 150 million shares,

EPS: = $4.97 (after tax) Total 10YR Mine Life

EPS Annual = $0.497 (after Tax)

PE ratio 5 = $2.50 Share valuation
(you can make it 10 - but would you buy a business at a price where all profits are built in over 10 years?)

This is a more realistic, but optimistic valuation.
Assumption: $A3/lb Cu - longterm Cu price LOM

Assumed 3Mt from Year 1. (unlikely)