profit forecast

The June 2006 King Report forecast a profit of $370 Million in the first full year of operation (refer page 5 of that report).

Using volumes, costs and revenue figures from the Disclosure Document issued last week I calculated a surplus of $525 M. This would need to be adjusted for interest (presumably nl), Depreciation and tax to obtain a projected net profit figure. I am uncomfortable with using vol x ( price per tonne less cost of production per tonne ) to determine profit. There may be other significant expenses that have been left out of the cost of production per tonne that I don't know about.

Would like to know if anyone has an analyst report that has calculated a projected profit for ARH. In particular, one that discusses the sustainablity of the revenue prices that ARH are forecast to receive for their product.

Regards

SP