Just had a read of the Bell Potter report on SDL and they have a...

Just had a read of the Bell Potter report on SDL and they have a val of .83 SP including Itabrite.

Interestingly, they factor in the additional cost of the Nabeba rail and plant for DFS.

See below. A bit hard to read but you will get the gist. All good as estimates are inclusive of the Nabeba component and we are at .83.

http://www.sundanceresources.com.au/media/36788/bell%20potter%20sdl%20initiation%2028092010.pdf


Capital cost: We estimate US$3.8b versus SDL estimate of US$3.36b SDL?s prefeasibility study capital cost estimate was US$3.36b. This cost was based on one mine and plant at Mbarga and rail infrastructure linking Mbarga to a port south of Kribi.
Our US$3.8b estimate incorporates the current plan of two mines (Mbarga and Nabeba). The additional capital cost reflects the mine site infrastructure required for Nabeba and the rail spur linking the Nabeba mine to Mbarga.