Did you all also note that they are bringing forward Mt Gibson production in 1st qtr 2007 - this will mean that effectively for 06-07 they will be producing 3.75m tonnes assuming operating profits remain at $30 per tonne, overheads 5m-10m & therefore iron ore prices stabilize at around current prices over next few years we have quick calcs looking like:
05-06 eps 11c (NPAT approx $50- $52m fully diluted for Shougang placement & options, Tax rate 26%)
06-07 eps 14c (NPAT Approx $66m ,tax rate 30%)
07-08 bring it on once magnetite is in production & Asia Iron management fees are fully charged - looking at approx $150m -EPS 30c (assumptions as per previous management forecasts -magnetite NPAT $53m pa over life of project, Asia Iron management fees NPAT $12m,plus hermatite Talering Peak & Mt Gibson on 4.5m tonnes NPAT $88) .....
Market wake up please...
results out - look at last quarter, page-10
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