I'm conservative with my evaluations so bear with me.Say our...

I'm conservative with my evaluations so bear with me.

Say our financial agreement is a loan and not a % offtake agreement, that would have us at 35MTpa in 2015. We might have a loan agreement of $2.5B. A margin of at least $60/tonne seems reasonable in my opinion. I'm not aware of company tax rate for African countries but give it as 35%. That would give us a profit of around $40/tonne.

$40/t times 35MT would give earnings of $1.4B. PE of 12 would denote a EV of around $17B in 2015. Take away the $2.5B from the loan and you have a market cap of $14.5B.

Let's not forget that by 2015 we will probably have further exploration targets being defined.

Nevertheless if we had a linear growth (obviously not realistic but I'll go with it for arguments sake) from our current market cap of $1.6B to $14.5B in 4 years, that would denote a growth of $3.25B per year.

$3.25B + $1.6B ~ $5B market cap by Jan 2012.

Therefore probably a share price around $1.70-$1.80. I'll guess $1.73.