I have reconstructed my XL spread sheet to reflect your valued comments
By applying additional price to N Cu, 4 year period at 3mta, increasing production to 6mta after year 4, retaining $150m over 1st 4 years to upgrade plant & equipment, I come up with about $1.40/share/year fully franked dividend over the life of mine (30mt ore)
Unfortunatly the spread sheet is quite large, having trouble posting. If you would like a working copy of the XL spread sheet (that way you can plug in your own numbers & check my work as well) send a email to
